EquityPandit’s Outlook for NIFTY PSU BANK for the week (Sept 2, 2019 – Sept 6, 2019):
NIFTY PSU BANK:
NIFTY PSUBANK Index closed the week on positive note gaining 71.85 Points 2.99%
Weekly High: 2575.70
Weekly Low: 2396.60
Weekly Close: 2474.40
RESISTANCE 2: 2661
RESISTANCE 1: 2568
SUPPORT 1: 2389
SUPPORT 2: 2303
Technically on the daily charts we see minor support on the downside for NIFTY PSU BANKS index lies at 2400 levels, whereas minor resistance on the upside is capped around 2550-2600 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 2300 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 2700.
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 2700 on upside and 2300 on downside.