EquityPandit’s Outlook for NIFTY PSU BANK for the week (May 4, 2020 – May 8, 2020):

NIFTY PSU BANK:

NIFTY PSUBANK Index closed the week on positive note gaining 63.45 Points 5.02%.

Weekly High: 1,364.60

Weekly Low: 1,265.70

Weekly Close: 1,326.05

Technically on the daily charts we see minor support on the downside for NIFTY PSU BANKS index lies at 1235 levels, where as minor resistance on the upside is capped around 1425-1450 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 1125 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 1550.

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 1150 on downside and 1500 on upside.

Weekly Pivot Levels:

RESISTANCE 2: 1,417

RESISTANCE 1: 1,371

SUPPORT 1: 1,272

SUPPORT 2: 1,219