EquityPandit’s Outlook for NIFTY PSU BANK for the week (April 08, 2019 – April 12, 2019):
NIFTY PSU BANK:
NIFTY PSUBANK Index closed the week on negative note gaining -44.45 Points (-1.33%).
Weekly High: 3472.85
Weekly Low: 3265.70
Weekly Close: 3339.35
Nifty PSU Bank index has seen EMA cross over, 100 EMA is about to trade above 200 EMA which is a bullish sign for the index, we may see some buying resuming this week in PSU Banks, 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 3350- 3400 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 3450- 3500
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.