EquityPandit’s Outlook for NIFTY PSU BANK for the week (Mar 11, 2019 – Mar 15, 2019) :
NIFTY PSU BANK:
NIFTY PSUBANK Index closed the week on positive note gaining 176.50 Points (+6.39%).
Weekly High: 2973.80
Weekly Low: 2773.00
Weekly Close: 2937.30
Technically on the daily charts we see minor support on the downside for index lies at 2600- 2500 levels, where as minor resistance on the upside is capped around 3100- 3200 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 2400- 2300 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 3450- 3500
Currently Nifty PSUBANK index is trading below 200 days exponential moving average suggests long term trend is bearish. EquityPandit’s analyst predicts range for the week is seen from 3450- 3500 on upside and 2600- 2500 on downside.