EquityPandit’s Outlook for NIFTY PSU BANK for the week  (Feb 11, 2019 – Feb 15, 2019) :  

NIFTY PSU BANK:

Nifty PSU BANK index closed the week on negative note losing around 1.20%.

As we have mentioned last week, that resistance for the index lies in the zone of 3000 to 3030 where Fibonacci levels and short; medium & long term moving averages are lying. If the index manages to close above these levels then the index can move to the levels of 3050 to 3100 where Fibonacci levels are lying. During the week the index manages to hit a high of 3002 and close the week around the levels of 2895.

Support for the index lies in the zone of 2900 to 2950 where Fibonacci levels are lying. If the index manages to close below these levels then the index can drift to the levels of 2780 to 2810 where Fibonacci levels are lying.

Resistance for the index lies in the zone of 3000 to 3030 where Fibonacci levels and short; medium & long term moving averages are lying. If the index manages to close above these levels then the index can move to the levels of 3050 to 3100 where Fibonacci levels are lying.

Broad range for the index is seen between 2750 to 2800 on downside & 3050 to 3100 on upside.