EquityPandit’s Outlook for NIFTY PSU BANK for the week (April 13, 2020 – April 17, 2020):

NIFTY PSU BANK:

NIFTY PSUBANK Index closed the week on positive note gaining 70.05 Points 5.68%.

Weekly High: 1,325.15

Weekly Low: 1,238.10

Weekly Close: 1,302.35

Technically on the daily charts we see minor support on the downside for NIFTY PSU BANKS index lies at 1225 levels, where as minor resistance on the upside is capped around 1375-1400 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 1100 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 1500.

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 1150 on downside and 1500 on upside.

Weekly Pivot Levels:

RESISTANCE 2: 1,375

RESISTANCE 1: 1,338

SUPPORT 1: 1,251

SUPPORT 2: 1,201