Nifty PSU Bank Weekly Outlook and Analysis:

For the Week: (Oct 18,2021 – Oct 22,2021)

NIFTY PSUBANK Index closed the week on positive note gaining 166.55 points 6.53%.

Weekly High: 2,731.60

Weekly Low: 2,552.15

Weekly Close: 2,716.55

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 2650 levels, where as minor resistance on the upside is capped around 2775-2800 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 2550 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 2900.

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 2600 on downside and 2875 on upside.