EquityPandit’s Outlook for NIFTY PSU BANK for the week  (Sep 25, 2017 – Sep 29, 2017) :

NIFTY PSU BANK:

Nifty PSU BANK index closed the week on negative note losing around 3.80%.

As we have mentioned last week, that resistance for the index lies in the zone of 3330 to 3350 where 200 daily moving averages are lying. If the index manages to close above these levels then the index can move to the levels of 3450 to 3500 where Fibonacci levels and short & medium term moving averages are lying. During the week the index manages to hit a high of 3312 and close the week around the levels of 3153.

The index has seen a major break-down on the charts. Support for the index lies in the zone of 3030 to 3080. If the index manages to close below these levels then the index can drift to the levels of 2850 to 2900 where Fibonacci levels are lying.

Resistance for the index lies in the zone of 3170 to 3200 where the index has taken support in the month of March-2017 & June-2017 and Fibonacci levels are lying. If the index manages to close above these levels then the index can move to the levels of 3330 to 3350 where 200 daily moving averages are lying.

Broad range for the index is seen between 2900 to 2950 on downside & 3300 to 3350 on upside.