EquityPandit’s Outlook for NIFTY PSU BANK for the week (July 06, 2020 – July 10, 2020):

NIFTY PSU BANK:

NIFTY PSUBANK Index closed the week on negative note losing 38.75 points 2.58%.

Weekly High: 1,501.70

Weekly Low: 1,416.95

Weekly Close: 1,464.45

Technically on the daily charts we see minor support on the downside for NIFTY PSU BANKS index lies at 1400 levels, where as minor resistance on the upside is capped around 1500-1525 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 1325 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 1600.

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 1350 on downside and 1550 on upside.

WEEKLY PIVOT LEVELS:

 
RESISTANCE 2: 1,545

RESISTANCE 1: 1,505

SUPPORT 1: 1,420

SUPPORT 2: 1,376