EquityPandit’s Outlook for NIFTY PSU BANK for the week (Aug 26, 2019 – Aug 30, 2019):
NIFTY PSU BANK:
NIFTY PSUBANK Index closed the week on negative note loosing -201.05 Points –7.72%
Weekly High: 2618.05
Weekly Low: 2318.45
Weekly Close: 2402.55
RESISTANCE 2: 2746
RESISTANCE 1: 2574
SUPPORT 1: 2275
SUPPORT 2: 2147
Technically on the daily charts we see minor support on the downside for NIFTY PSU BANKS index lies at 2300 levels, whereas minor resistance on the upside is capped around 2480-27500 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 2200 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 2600.
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 2600 on upside and 2200 on downside.