Nifty PSU Bank Weekly Outlook and Analysis:

For the Week: Sept 28,2020 – Oct 01,2020)

NIFTY PSUBANK Index closed the week on negative note losing 110.40 points 7.96%.

Weekly High: 1,390.15

Weekly Low: 1,232.55

Weekly Close: 1,276.20

Weekly Support & Resistance For Nifty PSU Bank Index:

NIFTY PSUBANK index has formed lower low lower high trading patter on daily charts. Index has given breakdown of its trading range. However, index formed reversal candle at fag end of the week. We expect muted short covering bout could be seen going forward.

Technically on the daily charts we see minor support on the downside for NIFTY PSU BANKS index lies at 1200 levels, where as minor resistance on the upside is capped around 1325-1350 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 1130 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 1400.

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 1150 on downside and 1375 on upside.