EquityPandit’s Outlook for NIFTY PSU BANK for the week (May 06, 2019 – May 10,2019):
NIFTY PSU BANK:
NIFTY PSUBANK Index closed the week on negative note losing -79.90 Points -2.52 %
Weekly High: 3183.35
Weekly Low: 3016.4
Weekly Close: 3089.60
Technically on the daily charts we see minor support on the downside for index lies at 3035– 3025 levels, whereas minor resistance on the upside is capped around 3120– 3130 levels.
If Nifty PUS Bank 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 2950– 2960 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 3200– 3220
Currently Nifty PSU Bank 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 3200– 3220 on upside and 2950– 2960 on downside.