Nifty PSU Bank Outlook for the Week (Dec 07,2020 – Dec 11,2020)


For the Week: (Dec 07,2020 – Dec 11,2020)

NIFTYPSUBANK
NIFTY PSUBANK Index closed the week on positive note gaining 139.55 points 8.95%.

Weekly High: 1,710.40

Weekly Low: 1,560.70

Weekly Close: 1,697.95

Weekly Support & Resistance For Nifty PSU Bank Index:

RESISTANCE 2 1,806
RESISTANCE 1 1,752
SUPPORT 1 1,602
SUPPORT 2 1,506

 

NIFTY PSUBANK index opened gap up and rallied throughout the week. Index has given breakout of its trading range. Index ended with fifth consecutive weekly gain. We expect index likely to continue this uptrend, investor are advised to adopt buy on dip strategy going forward.

Technically on the daily charts we see minor support on the downside for NIFTY PSU BANKS index lies at 1625 levels, where as minor resistance on the upside is capped around 1775-1800 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 1550 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 1875.

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 1575 on downside and 1850 on upside.