EquityPandit’s Outlook for NIFTY PSU BANK for the week (Oct 14, 2019 – Oct 18, 2019):
NIFTY PSU BANK:
NIFTY PSUBANK Index closed the week on negative note losing -6.95 Points -0.32%
Weekly High: 2227.30
Weekly Low: 2113.05
Weekly Close: 2166.75
RESISTANCE 2: 2,283
RESISTANCE 1: 2,225
SUPPORT 1: 2,110
SUPPORT 2: 2,054
Technically on the daily charts we see minor support on the downside for NIFTY PSU BANKS index lies at 2100 levels, whereas minor resistance on the upside is capped around 2225-2250 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 towards major support on lower side around 1900 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 2500.
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 1900 on downside and 2350 on upside.