EquityPandit’s Outlook for NIFTY PSU BANK for the week (May 13, 2019 – May 17,2019):
NIFTY PSU BANK:
NIFTY PSUBANK Index closed the week on negative note losing -67.10 Points -2.17 %
Weekly High: 3116.5
Weekly Low: 2918.25
Weekly Close: 3022.50
Nifty PSUBANK Index and its stock after SBI results and ray of hope and we can see buying in PSU BANKS next week and one can go long on PSU Banking stock for the next week. If index closes above 3055 levels we may see huge buying attraction building in PSU banks like SBIN, Canara Bank, Union Bank, Bank of India etc..
Technically on the daily charts we see minor support on the downside for index lies at 2900– 2920 levels, whereas minor resistance on the upside is capped around 3035- 3055 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 2850– 2860 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 3100– 3120
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 3100– 3120 on upside and 2850– 2860 on downside.