Nifty PSU Bank Weekly Outlook and Analysis:
For the Week: (Jan 23, 2023 – Jan 27, 2023)
NIFTY PSUBANK Index closed the week on negative note losing 50.30 points 1.18%.
Weekly High: 4,383.10
Weekly Low: 4,182.25
Weekly Close: 4,229.65
Weekly Support & Resistance For Nifty PSU Bank Index:
Technically on the daily charts we see minor support on the downside for NIFTY PSU BANKS index lies at 4,150 levels, where as minor resistance on the upside is capped around 4,300-4,325 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 4,050 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 4,400.
Currently NIFTY PSU BANKS index is trading above 200 days exponential moving average and suggests long term trend is bullish. EquityPandit’s analyst predicts range for the week is seen from 4,100 on downside and 4,350 on upside.