Nifty PSU Bank Weekly Outlook and Analysis:

For the Week: (Sept 21,2020 – Sept 25,2020)

NIFTY PSUBANK Index closed the week on negative note losing 55.60 points 3.86%.

Weekly High: 1,459.95

Weekly Low: 1,379.60

Weekly Close: 1,386.60

Weekly Support & Resistance For Nifty PSU Bank Index:

NIFTY PSUBANK index has formed lower low lower high trading patter on daily charts. We expect index likely to give breakdown of its trading range and continue its southward journey.

Technically on the daily charts we see minor support on the downside for NIFTY PSU BANKS index lies at 1340 levels, where as minor resistance on the upside is capped around 1420-1440 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 1300 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 1475.

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 1325 on downside and 1450 on upside.