Nifty PSU Bank Weekly Outlook and Analysis:
For the Week: (May 3,2021 – May 7,2021)
NIFTY PSUBANK Index closed the week on positive note gaining 88.05 points 4.48%.
Weekly High: 2,137.05
Weekly Low: 1,984.40
Weekly Close: 2,055.25
Weekly Support & Resistance For Nifty PSU Bank Index:
NIFTY PSUBANK index opened gape up in opening session of the week. Index extended gain in early part of the week back of short covering. Index witnessed profit booking at fag end of the week and gave up partial gain. We expect index could continue its sideway corrective action if broader market unable to sustain last week’s gain.
Technically on the daily charts we see minor support on the downside for NIFTY PSU BANKS index lies at 1980 levels, where as minor resistance on the upside is capped around 2100-2135 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 2200.
Currently NIFTY PSU BANKS index is trading above 200 days exponential moving average and suggests long term trend is bull-ish. EquityPandit’s analyst predicts range for the week is seen from 1925 on downside and 2175 on upside.