Nifty PSU Bank Weekly Outlook and Analysis:
For the Week: (April 05,2021 – April 09,2021)
NIFTY PSUBANK Index closed the week on positive note gaining 100.10 points 4.73%.
Weekly High: 2,223.40
Weekly Low: 2,102.50
Weekly Close: 2,214.65
Weekly Support & Resistance For Nifty PSU Bank Index:
NIFTY PSUBANK index opened tad higher and remain lackluster in opening session of the week. Index extended gain in later half of the week tracking broader gain and ended on positive note. We expect index continue this uptrend going forward, momentum indicator trending upward from oversold zone.
Technically on the daily charts we see minor support on the downside for NIFTY PSU BANKS index lies at 2150 levels, where as minor resistance on the upside is capped around 2275-2300 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 2050 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 2375.
Currently NIFTY PSU BANKS index is trading above 200 days exponential moving average and suggests long term trend is bullish. EquityPandit’s analyst predicts range for the week is seen from 2100 on downside and 2325 on upside.