For the Week: (Dec 28,2020 – Jan 01,2021)
NIFTY PSUBANK Index closed the week on negative note losing 61.75 points 3.50%.
Weekly High: 1,759.05
Weekly Low: 1,578.75
Weekly Close: 1,703.80
Weekly Support & Resistance For Nifty PSU Bank Index:
NIFTY PSUBANK index opened gap down and extended losses amid panic selling in broader indices. Index recovered partial losses tracking recovery in broader indices. We expect index likely to continue its sideways corrective action. Momentum indicator also trending down which supports bearish activity.
Technically on the daily charts we see minor support on the downside for NIFTY PSU BANKS index lies at 1650 levels, where as minor resistance on the upside is capped around 1750-1775 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 1575 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 1850.
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 1600 on downside and 1800 on upside.