CautiousChartist

NIFTY PSU BANK INDEX - Very Bullish

Long
NSE:CNXPSUBANK   NIFTY PSU BANK
The index is forming an Inverted Head and Shoulder Pattern.

Just broke out of the Downward Channel resistance this week.

In about 2-3 years the index should reach its target of 4340 but before that happens its intermediate targets will be met.

Between 2660 and 3360 there could be some consolidation going forward.

Immediate short term - MACD crossover should give this space some momentum.

My Fav picks from the index include
SBI , BOB, PNB, Indian Bank , Central Bank & Canara Bank .

Comments

Thanks bhai. I feel most of the psu banks especially Canara bank and SBI will outperform in the coming days. 🔥
+1 Reply
CautiousChartist chinmaypatnaik
@chinmaypatnaik, Yes bhai, they will in the coming days.
Reply
It seems too much cosolidation alreadt hapened after it broke ouy, shud ee expect a blast now any day.... Or may be within this week??
Also i feel next leg of nifty rally wl be led by psu banks... Eats ur view..? Pls share ur view
Reply
CautiousChartist BikashAgarwal
@BikashAgarwal, Its a weekly chart. Nifty PSU banks have a long way to go but they have never been aggressive. They are slow movers who ill climb the mountain silently without many noticing them on daily basis. Right now overall market structure is volatile so there is pressure.
Reply
Thanks,
Reply
Pls provide views on BoB. Holding at 82.3
Reply
Any possibility of Bank of India to go beyond 90
Reply
@ganee890, Right now, it can see 86 where there is some resistance. If and once it crosses 86 then definitely 90 & above can be seen.
+1 Reply
@CautiousChartist thanks brother ...I am stucked at 90 since Feb
+1 Reply
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