Nifty PSU Bank Weekly Outlook and Analysis:
For the Week: (June 05, 2021 – June 11, 2021)
NIFTY PSUBANK Index closed the week on positive note gaining 48.45 points 1.98%.
Weekly High: 2,516.30
Weekly Low: 2,392.85
Weekly Close: 2,491.65
Weekly Support & Resistance For Nifty PSU Bank Index:
NIFTY PSUBANK index opened flat and dragged in early part of the week. Index witnessed buying in mid week in anticipation of government likely shortlist names of PSU banks for possible privatization candidate. We expect index likely to continue this uptrend if broader markets remain resilient going forward.
Technically on the daily charts we see minor support on the downside for NIFTY PSU BANKS index lies at 2435 levels, where as minor resistance on the upside is capped around 2525-2550 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 2350 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 2600.
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 2400 on downside and 2575 on upside.