Disclaimer: This analysis is for educational purposes only, and I'm not a SEBI registered analyst.
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🔍 More Analysis & Trade Setups...
watch nifty psu bank stocks in next few years.
-Bank of Baroda
-Bank of India
-Bank of Mah
-Punjab & Sind
Warning:-Please note that I'm not a financial advisor, and investing in the stock market involves risks. It's important to do thorough research or consult with a...
BANK OF BARODA has formed a rounding bottom pattern and looks good for a long above 188-190 levels (weekly candle breakout retest needed) with around 5-6% of stop loss ,for targets of 207 and towards all time highs of 228 levels , a breakout above all time highs will take the stock higher very quickly where sky is open
CNX PSU BANK index spot cmp 3945
Chart pattern study
Daily time frame.
Ascending inclined head and shoulder pattern formation.
Currently formation of right shoulder is ongoing ,
any rise on higher side would face selling pressure till the high point of right shoulder is not taken out on daily closing basis.
On lower side nearest support can be taken as the...
CNX PSU BANK index spot CMP 3930
Elliot wave study
Time frame :- Daily
Index is trading in corrective phase of elliot wave.
Formation of wave B is completed and current sell off in index have started to unfold wave C of corrective phase.
Any rise in index should be used to exit any long position, till the recent high is not taken out on closing basis.
NSE's PSUBANK index (ticker: CNXPSUBANK) was trading in a long head and shoulders consolidation for two years from mid 2019 to mid 2021. The breakout from inverted H&S happened in Oct'21 after which the index began to consolidate in a bull flag type of formation till Aug'22.
The index broke out from this consolidation in Aug, gave a retracement back to the...
Super run up last 4 months....
Approaching trend line on monthly charts...
euphoria continues and amplifies if monthly trend line is breached on monthly closing basis than a supper rally on the cards...
Any how 3735 is a big hurdle to cross....
Happy trading and like share and follow..
Weekly NSE:CNXPSUBANK making higher highs and higher lows since May'20 and weekly RSI has established itself in a bullish range of 50-70. This sector may be in a turnaround mode. One should look at the stocks making new 52-week highs in this sector for investment. Their future looks bright to me. This is not an investment advice by the way, do your own research...