EquityPandit’s Outlook for NIFTY PSU BANK for the week (July 1, 2019 – July 5, 2019):
NIFTY PSU BANK:
NIFTY PSUBANK Index closed the week on positive note gaining +120.10 Points +3.90%
Weekly High: 3274.50
Weekly Low: 3078.70
Weekly Close: 3205.60
RESISTANCE 2: 3382.00
RESISTANCE 1: 3293.80
SUPPORT 1: 3098.00
SUPPORT 2: 2990.40
Technically on the daily charts we see minor support on the downside for NIFTY PSU BANKS index lies at 3100 levels, whereas minor resistance on the upside is capped around 3200-3250 levels.
If NIFTY PSU BANKS 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 3030 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 3350
Currently NIFTY PSU BANKS index is trading above 200 days exponential moving average and suggests long term trend is bullish. EquityPandit’s analyst predicts range for the week is seen from 3350 on upside and 3030on downside.