EquityPandit’s Outlook for NIFTY PSU BANK for the week  (Sep 03, 2018 – Sep 07, 2018) :  

NIFTY PSU BANK:

Nifty PSU BANK index closed the week on positive note gaining around 3.10%.

As we have mentioned last week, that resistance for the index lies in the zone of 3250 to 3300 from where the index has broken down in the month of February-2018. If the index manages to close above these levels then the index can move to the levels of 3450 to 3500 from where the index has broken down and Fibonacci levels are lying. During the week the index manages to hit a high of 3325 and close the week around the levels of 3315.

Support for the index lies in the zone of 3150 to 3200 where Fibonacci levels and long term moving averages are lying. If the index manages to close below these levels then the index can drift to the levels of 2950 to 3000 from where the index has opened gap up and short term moving averages are lying.

Resistance for the index lies in the zone of 3450 to 3500 from where the index has broken down and Fibonacci levels are lying. If the index manages to close above these levels then the index can move to the levels of 3600 to 3650.

Broad range for the index is seen between 3150 to 3200 on downside & 3450 to 3500 on upside.