Nifty PSU Bank Outlook for the Week (Nov 09,2020 – Nov 13,2020)


For the Week: (Nov 09,2020 – Nov 13,2020)

NIFTYPSUBANK
NIFTY PSUBANK Index closed the week on negative note losing 59.15 points 4.48%.

Weekly High: 1,1330.60

Weekly Low: 1,244.85

Weekly Close: 1,260.50

Weekly Support & Resistance For Nifty PSU Bank Index:

RESISTANCE 2 1,364
RESISTANCE 1 1,312
SUPPORT 1 1,226
SUPPORT 2 1,192

 

NIFTY PSUBANK index formed bearish engulfing pattern on weekly charts, which suggest further weakness. We expect index likely to continue this down trend in coming days.

Technically on the daily charts we see minor support on the downside for NIFTY PSU BANKS index lies at 1230 levels, where as minor resistance on the upside is capped around 1285-1300 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 1175 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 1350.

Currently NIFTY PSU BANKS index is trading below 200 days exponential moving average and suggests long term trend is bearish. EquityPandit’s analyst predicts range for the week is seen from 1200 on downside and 1325 on upside.