EquityPandit’s Outlook for NIFTY PSU BANK for the week (April 01, 2019 – April 05, 2019):
NIFTY PSU BANK:
NIFTY PSUBANK Index closed the week on positive note gaining +215.15 Points (+6.89%).
Weekly High: 3492.70
Weekly Low: 3065.45
Weekly Close: 3339.35
NIFTY PSU BANK Index has seen huge buying attraction last week, and the rally was majorly headed by SBIN, Technically on the daily charts we see minor support on the downside for index lies at 3200- 3220 levels, whereas minor resistance on the upside is capped around 3450- 3470 levels.
If Nifty PSUBANK index breaches minor support on the downside and closes below it we may see fresh break down and index can drag index towards major support on lower side around 3000- 3050 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 3600-3650
Currently Nifty PSUBANK index is trading above 200 days exponential moving average suggests long term trend is bullish. EquityPandit’s analyst predicts range for the week is seen from 3600- 3650 on upside and 3000-3050 on downside.