EquityPandit’s Outlook for NIFTY PSU BANK for the week (March 02, 2020 – March 06, 2020):

NIFTY PSU BANK:

NIFTY PSUBANK Index closed the week on negative note losing 223.35 Points 10.30%.

Weekly High: 2,158.15

Weekly Low: 1,939.30

Weekly Close: 1,945.60

Technically on the daily charts we see minor support on the downside for NIFTY PSU BANKS index lies at 1850 levels, where as minor resistance on the upside is capped around 2050-2075 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 1700 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 2150.

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 17500 on downside and 2100 on upside.

Weekly Pivot Levels:

RESISTANCE 2: 2,233

RESISTANCE 1: 2,089

SUPPORT 1: 1,870

SUPPORT 2: 1,795