Nifty PSU Bank Weekly Outlook and Analysis:
For the Week: (Oct 11,2021 – Oct 15,2021)
NIFTY PSUBANK Index closed the week on positive note gaining 49.20 points 1.97%.
Weekly High: 2,582.65
Weekly Low: 2,485.40
Weekly Close: 2,550
Weekly Support & Resistance For Nifty PSU Bank Index:
Technically on the daily charts we see minor support on the downside for NIFTY PSU BANKS index lies at 2485 levels, where as minor resistance on the upside is capped around 2600-2625 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 2450 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 2700.
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 2475 on downside and 2675 on upside.