EquityPandit’s Outlook for NIFTY PSU BANK for the week (Mar 18, 2019 – Mar 22, 2019) :
NIFTY PSU BANK:
NIFTY PSUBANK Index closed the week on positive note gaining +161.65 Points (+5.50%).
Weekly High: 3129.60
Weekly Low: 2899.25
Weekly Close: 3098.95
We have seen smart money flow in nifty PSU bank index. It closed up 5.5% and we expect trend to continue upwards. Technically on the daily charts we see minor support on the downside for index lies at 3000- 2950 levels, whereas minor resistance on the upside is capped around 3200 – 3250 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 2700- 2750 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 2700- 2750 on downside.