EquityPandit’s Outlook for NIFTY PSU BANK for the week  (Sep 17, 2018 – Sep 21, 2018) :  

NIFTY PSU BANK:

Nifty PSU BANK index closed the week on negative note losing around 1.30%.

As we have mentioned last week, that support for the index lies in the zone of 3100 to 3150 where short & long term moving averages and low for the month of August-2018 are lying. If the index manages to close below these levels then the index can drift to the levels of 2950 to 3000 from where the index has opened gap up and medium term moving averages are lying. During the week the index manages to hit a low of 2991 and close the week around the levels of 3096.

Support for the index lies in the zone of 2970 to 3000 from where the index has opened gap up and medium term moving averages are lying. If the index manages to close below these levels then the index can drift to the levels of 2850 to 2880 from where the index has broken out in the month of July-2018.

Resistance for the index lies in the zone of 3100 to 3130 where short & long term moving averages and low for the month of August-2018 are lying. If the index manages to close above these levels then the index can move to the levels of 3230 to 3250 where Fibonacci levels are lying.

Broad range for the index is seen between 2950 to 3000 on downside & 3200 to 3250 on upside.