EquityPandit’s Outlook for NIFTY PSU BANK for the week  (June 12, 2017 – June 16, 2017) :

NIFTY PSU BANK:

Nifty PSU BANK index closed the week on negative note losing around 0.30%.

As we have mentioned last week that support for the index lies in the zone of 3470 to 3510 from where the index broke out of double top pattern and Fibonacci level is lying. If the index manages to close below these levels then the index can drift to the levels of 3350 to 3380 where medium term moving averages are lying. During the week the index manages to hit a low of 3486 and close the week around the levels of 3519.

Support for the index lies in the zone of 3470 to 3510 from where the index broke out of double top pattern and Fibonacci level is lying. If the index manages to close below these levels then the index can drift to the levels of 3350 to 3380 where medium term moving averages are lying.

Minor resistance for the index lies in the zone of 3570 to 3590. Resistance for the index lies in the zone of 3680 to 3700 from where the index broke down. If the index manages to close above these levels then the index can move to the levels of 3780 to 3820 from where the index sold off in the month of May-2017.

Broad range for the index is seen between 3380 to 3420 on downside & 3650 to 3680 on upside.