For the Week: (Dec 14,2020 – Dec 18,2020)
NIFTY PSUBANK Index closed the week on positive note gaining 130.50 points 7.69%.
Weekly High: 1,902.40
Weekly Low: 1,700.25
Weekly Close: 1,828.45
Weekly Support & Resistance For Nifty PSU Bank Index:
NIFTY PSUBANK index opened gap up and rallied in first half of the week. Index witnessed profit booking in later half of the week after strong rally. We expect index likely to took some breather after gain of six consecutive weeks. Investor are advised to adopt buy on dip strategy to enhance risk reward ratio
Technically on the daily charts we see minor support on the downside for NIFTY PSU BANKS index lies at 1775 levels, where as minor resistance on the upside is capped around 1875-1900 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 1650 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 2000.
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 1700 on downside and 1950 on upside.