EquityPandit’s Outlook for NIFTY PSU BANK for the week  (Sep 11, 2017 – Sep 15, 2017) :

NIFTY PSU BANK:

Nifty PSU BANK index closed the week on negative note losing around 2.40%.

As we have mentioned last week, that support for the index lies in the zone of 3200 to 3250 where the index has taken support in the month of March-2017 and June-2017. If the index manages to close below these levels then the index can drift to the levels of 3100 to 3140 where long term Fibonacci levels are lying. During the week the index manages to hit a low of 3212 and close the week around the levels of 3220.

Support for the index lies in the zone of 3170 to 3200 where the index has taken support in the month of March-2017 & June-2017 and Fibonacci levels are lying. If the index manages to close below these levels then the index can drift to the levels of 3030 to 3080.

Minor resistance for the index lies in the zone of 3250 to 3280. Resistance for the index lies in the zone of 3330 to 3350 where 200 daily moving averages are lying. If the index manages to close above these levels then the index can move to the levels of 3450 to 3500 where Fibonacci levels and short & medium term moving averages are lying.

Broad range for the index is seen between 3070 to 3100 on downside & 3350 to 3380 on upside.