Nifty PSU Bank Weekly Outlook and Analysis:
For the Week: (May 10,2021 – May 14,2021)
NIFTY PSU BANK Index closed the week on a positive note gaining 61 points 2.97%.
Weekly High: 2,188.65
Weekly Low: 2,004.70
Weekly Close: 2,116.25
Weekly Support & Resistance For Nifty PSU Bank Index:
NIFTY PSU BANK index opened a tad lower in the opening session of the week tracking broader weakness. The index witnessed buying in midweek in anticipation of RBI could announce possible names for disinvestment in PSU banks. However, the index faced profit booking at fag end of the week in absence of any positive news from RBI. We expect the index could continue its sideways corrective action if the broader market is unable to sustain last week’s gain.
Technically on the daily charts, we see minor support on the downside for the NIFTY PSU BANKS index lies at 2050 levels, whereas minor resistance on the upside is capped around 2175-2200 levels.
If the NIFTY PSU BANKS index breaches minor support on the downside and closes below it, we may see a fresh break down and the index can drag towards major support on the lower side around 1950 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 2250.
Currently, the NIFTY PSU BANKS index is trading above 200 days exponential moving average and suggests the long term trend is bull-ish. EquityPandit’s analyst predicts range for the week is seen from 2000 on the downside and 2200 on the upside.