EquityPandit’s Outlook for NIFTY PSU BANK for the week (May 27, 2019 – May 31,2019)
NIFTY PSU BANK:
NIFTY PSUBANK Index closed the week on positive note gaining +377.70 Points +12.81%
Weekly High: 3399.25
Weekly Low: 2881.45
Weekly Close: 3326.90
Technically on the daily charts we see minor support on the downside for index lies at 3220- 3200 levels, whereas minor resistance on the upside is capped around 3445– 3465 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 3050– 3100 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 3650– 3700
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 3650– 3700 on upside and 3050– 3100 on downside.