EquityPandit’s Outlook for NIFTY PSU BANK for the week (Oct 7, 2019 – Oct 11, 2019):
NIFTY PSUBANK Index closed the week on positive note gaining +7.40 Points +0.29%
Weekly High: 2382.45
Weekly Low: 2116.85
Weekly Close: 2173.70
RESISTANCE 2: 2,489
RESISTANCE 1: 2,331
SUPPORT 1: 2,066
SUPPORT 2: 1,958
Technically on the daily charts we see minor support on the downside for NIFTY PSU BANKS index lies at 2050 levels, whereas minor resistance on the upside is capped around 2300-2350 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 1950 on downside and 2350 on upside.