After being hammered since almost a month (June 13), looks like some buying interest is coming back to PSU banks.
I can see that Oriental Bank of Commerce NSE:ORIENTBANK has formed a Double Bottom around 71 levels with a positive RSI divergence.
Looks like the stock is slowly moving towards the first target of 86.75 .
Good opportunity for option writers here with a stop loss of 69.
Disclaimer: Views expressed here are my own, and should not be interpreted as an Investment Advice. Please consult your Financial Advisor for investments.
Exited the sold put in the morning with a small profit, as today PSU banks received a hammering. The PSU Bank Index has formed an Evening star pattern today (Bearish). If Nifty and Banknifty reverse from here, the Double bottom may break.