NIFTY PSU BANKSIs the psu banking stocks ready for a major rally in the coming days ?
PSU INDEX has broken out of its long term bearish trend line and has also retested its trendline supports , showing there is a possible change in the trend , overall it is buy on every dip in this sector with stocks like SBIN < CANARA BANK < BANK OF BARODA and many others towards targets of all time highs in the index , above that sky is open and rally may not be stoppable
Niftypsu
PSU BANK INDEX GAVE A SUCCESSFUL PULLBACK AFTER THE BREAKOUTThe highs made in Feb 2021 and Jun 2021 were broken. They formed a strong supply zone, which was broken and has been tested successfully with today's bounce.
Tomorrow being an expiry day, we couldn't see much action or may see consolidation but a rally could be expected in the second half-session tomorrow and may continue on Friday too.
We shall try to analyze some of the PSU bank stocks for breakouts.
Happy trading :)
This is just for educational purposes.
ALBK SELL at 43.90 SL at 46.90 T1 at 40.5 T2 at 35.45ALBK is bearish engulfing and with higher than usual volumes. and Fresh Short positions initiated. SELL Alahabad Bank (ALBK) at 43.90 with Stop-loss on closing basis above 46.90 and Target 1 at 40.5 and Target 2 at 35.45
IDBI: Buy@74.4 SL@72.25 T1@76.6 T2@78.7 T3@80.90IDBI surged in trade today with PSU Banks re-bouncing, IDBI seems to be a better option. 5.4% today on NSE with close to 3.5 times its average volumes which signifies returning interest in IDBI. Well above Ichimoku IDBI stands on my BUY list in CASH Market only above 74.4 with Stop Loss of 72.25 and Target 1 of 76.50, Target 2 of 78.70 and Target 3 of 80.90
Please do consult your financial consultant before taking any calls from my end.