Nifty PSU Bank Outlook for the Week (Aug 17,2020 – Aug 21,2020)

Currently NIFTY PSU BANKS index is trading below 200 days rapid moving typical and suggests long term trend is bearish. EquityPandits analyst anticipates range for the week is seen from 1350 on disadvantage and 1500 on upside.

Weekly Low: 1,415.75.

SUPPORT 2.
1,365.

Technically on the everyday charts we see small assistance on the disadvantage for NIFTY PSU BANKS index lies at 1370 levels, where as minor resistance on the upside is topped around 1475-1495 levels.

If NIFTY PSU BANKS index breaches minor assistance on the disadvantage and closes listed below it, we may see fresh break down and index can drag towards major assistance on lower side around 1300 and if breaches small resistance on the upside and closes above it, we might see fresh breakout and index can head towards higher levels around 1550.

Weekly Close: 1,425.15.

For the Week: (Aug 17,2020– Aug 21,2020).

ASSISTANCE 1.
1,395.

RESISTANCE 1.
1,475.

Weekly Support & & Resistance For Nifty PSU Bank Index:.

AWESOME PSUBANK index is selling symmetric triangle pattern. Index once again reversed the up move after it deal with resistance at upper falling pattern line of formation. Index likely to experienced selling pressure as bulls lost hope after continue under efficiency against wider market.

AWESOME PSUBANK Index closed the week on unfavorable note losing 1.85 points 0.13%.

RESISTANCE 2.
1,525.

Weekly High: 1,495.65.