Nifty PSU Bank Weekly Outlook and Analysis:

For the Week: (Sept 07,2020 – Sept 11,2020)

NIFTY PSUBANK Index closed the week on negative note losing 139.55 points 8.67%.

Weekly High: 1,661.80

Weekly Low: 1,459.30

Weekly Close: 1,462.25

Weekly Support & Resistance For Nifty PSU Bank Index:

NIFTY PSUBANK index has witnessed heavy sell off last week, Index has formed bearish engulfing candle pattern on weekly charts, which suggest further profit booking in index likely possible going forward.

Technically on the daily charts we see minor support on the downside for NIFTY PSU BANKS index lies at 1400 levels, where as minor resistance on the upside is capped around 1525-1550 levels.

If NIFTY PSU BANKS index breaches minor support on the downside and closes below it, we may see fresh break down and index can drag towards major support on lower side around 1325 and if breaches minor resistance on the upside and closes above it, we may see fresh breakout and index can head towards higher levels around 1600.

Currently NIFTY PSU BANKS index is trading below 200 days exponential moving average and suggests long term trend is bearish. EquityPandit’s analyst predicts range for the week is seen from 1350 on downside and 1550 on upside.