EquityPandit’s Outlook for NIFTY PSU BANK for the week (Aug 05, 2019 – Aug 09, 2019):
NIFTY PSU BANK:
NIFTY PSUBANK Index closed the week on negative note loosing -207.55 Points –7.25%
Weekly High: 2881.60
Weekly Low: 2636
Weekly Close: 2655.65
RESISTANCE 2: 2970
RESISTANCE 1: 2813
SUPPORT 1: 2567
SUPPORT 2: 2479
Technically on the daily charts we see minor support on the downside for NIFTY PSU BANKS index lies at 2570 levels, whereas minor resistance on the upside is capped around 2680-2700 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 2500 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 2750.
Currently NIFTY PSU BANKS index is trading below 200 days exponential moving average and suggests long term trend is bearish. EquityPandit’s analyst predicts range for the week is seen from 2750 on upside and 2500 on downside.