EquityPandit’s Outlook for NIFTY PSU BANK for the week (March 06, 2017 – March 10, 2017) :

NIFTY PSU BANK:

Nifty PSU BANK index closed the week on negative note losing around 2.20%.

As we have mentioned last week that minor resistance for the index lies in the zone of 3330 to 3350. Resistance for the index lies in the zone of 3430 to 3460 where Fibonacci levels are lying. If the index manages to close above these levels then the index can move to the levels of 3510 to 3530 where the index has formed a double top pattern. During the week the index manages to hit a high of 3346 and close the week around the levels of 3224.

Support for the index lies in the zone of 3150 to 3170 where short & medium term moving averages and Fibonacci levels are lying. If the index manages to close below these levels then the index can drift to the levels of 3000 to 3030 where 200 Daily SMA and break out levels are lying.

Minor resistance for the index lies in the zone of 3250 to 3270. Resistance for the index lies in the zone of 3350 to 3380 from where the index broke down couple of times. If the index manages to close above these levels then the index can move to the levels of 3450 to 3480 where the index has formed a double top pattern and Fibonacci levels are lying.

Broad range for the index is seen between 3130 to 3150 on downside & 3300 to 3330 on upside.