EquityPandit’s Outlook for NIFTY PSU BANK for the week  (Jan 07, 2019 – Jan 11, 2019) :  

NIFTY PSU BANK:

Nifty PSU BANK index closed the week on positive note gaining around 1.50%.

As we have mentioned last week, that resistance for the index lies in the zone of 3080 to 3120 where Fibonacci levels and high for the month of November-2018 are lying. If the index manages to close above these levels then the index can move to the levels of 3200 to 3250 where Fibonacci levels are lying. During the week the index manages to hit a high of 3164 and close the week around the levels of 3125.

Support for the index lies in the zone of 3080 to 3120 where Fibonacci levels and high for the month of November-2018 are lying. If the index manages to close below these levels then the index can drift to the levels of 3000 to 3030 where Fibonacci levels and long term moving averages are lying.

Resistance for the index lies in the zone of 3200 to 3250 where Fibonacci levels are lying. If the index manages to close above these levels then the index can move to the levels of 3350 to 3400 where high for the month of September-2018 and Fibonacci levels are lying.

Broad range for the index is seen between 2950 to 3000 on downside & 3250 to 3300 on upside.