EquityPandit’s Outlook for NIFTY PSU BANK for the week (Nov 25, 2019 – Nov 29, 2019):
NIFTY PSU BANK:
NIFTY PSUBANK Index closed the week on positive note gaining 102.30 Points 4.16%.
Weekly High: 2,628.75
Weekly Low: 2,468.70
Weekly Close: 2,559.65
Technically on the daily charts we see minor support on the downside for NIFTY PSU BANKS index lies at 2475 levels, where as minor resistance on the upside is capped around 2650-2675 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 2400 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 2400 on downside and 2750 on upside.
RESISTANCE 2: 2,712
RESISTANCE 1: 2,636
SUPPORT 1: 2,475
SUPPORT 2: 2,392