EquityPandit’s Outlook for NIFTY PSU BANK for the week (July 8, 2019 – July 12, 2019):
NIFTY PSU BANK:
NIFTY PSUBANK Index closed the week on positive note gaining +97.7 Points +3.05%
Weekly High: 3348.40
Weekly Low: 3182.30
Weekly Close: 3303.35
RESISTANCE 2: 3444
RESISTANCE 1: 3374
SUPPORT 1: 3208
SUPPORT 2: 3112
Technically on the daily charts we see minor support on the downside for NIFTY PSU BANKS index lies at 3250evels, whereas minor resistance on the upside is capped around 3350-3300 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 3200 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 3400.
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 3400 on upside and 3200 on downside.