pnb longpunjab national is a long candidate with 26 sl for higher side trail targets with rr in favour with dual bottom and rsi +ve divergence
Psubanks
KOTAK BANKKOTAK BANK:- 1450, strong buy on dip opportunity at 1240/60₹ levels as per chart tgt 1600++ sl 1170₹ DCB.
#Disclaimer:-I just shared view for only educational purpose.
Symetrical Triangle breakout on SBIN initiating a long tradeSBIN after a long consolidation have given a breakout of the major resistance of 195-200 zone and at the same time given a breakout of symetrical triangle pattern and now retesting it. A long trade can be initiated here with sl of previous swing low for target1 and target2.
Buying opportunity in Union bankReason-
Price entered in strong buying zone supported by golden crossover
Inverted HNS pattern on RBL Bank 1hr timeframe initating a long RBL Bank is been trading in a range and formed a Inverted HNS pattern on 1hr TF.. and the neckline brokeout on 7aug. now the scrip its retesting its neckline.. a long trade can be initiated here with stoploss of previous swing low for target of recent swing highs and even more...
Nifty Outlook for Tuesday, 4th August | 50x InvestmentsNifty - Technical Analysis:
Nifty opened with a gap down and ended the day just above its low, forming a near perfect marubozu, which is an extremely bearish signal.
On the bright side, Nifty managed to hold its 10900 lower trend line support.
The index formed a near perfect wedge on 15m charts.
Market - Driving Factors:
PSU bank and Metal indices were the only 2 indices which ended the day in the green. Bank Nifty was the biggest loser, falling by over 2.6%
Tata Motors gave a strong breakout and ended over 8% in the green today whereas Bandhan Bank fell over 10% following a 21% equity block deal
Bearish narratives are starting to take steam on popular news media indicating that the bulls have something to worry about.
Nifty - Outlook for Tuesday, 4th August:
Trade on Tuesday will be absolutely vital given that it has the ability to potentially signal a strong bearish breakout. If Nifty breaks the lower trend line, its bad news for the bulls.
On the slightly brighter side, Nifty still has some breathing space to break out. A temporary pullback and further squeeze into the wedge might be seen.
Traders must be cautious and avoid taking huge directional bets on either side tomorrow morning.
City Union Bank LongThe trend appears to be bullish because the price is making higher highs and higher lows. Buy at CMP, Sl at 118.15 and Target at 153.95.
BHEL Important level It looks like trading at very important level also called wait and watch zone , if it rosses 35 and give close above that level it may considered as breakout otherwise trend looks very negative.
Canara Bank - Study - LongThe stock has given breakout from its resistance zone of 216.55.
Buy for a target of 236, 285.
Stop loss: 207
!!CANARA BANK ON THE WATCH!!TECHNO WATCH
CANARA BANK IS LOOKING GOOD FOR A POSITIONAL TRADE AS RSI HAS REVERSED FROM OVERSOLD ZONES WITH STRONG FORCE AND MACD IS ON THE VERGE OF A POSITIVE CROSSOVER
RESISTANCE IS NEAR 210-214 WERE ONCE TAKEN OUT WILL LEAD TO RE-ENTRY INTO THE CONSOLIDATION ZONE OF 213-293 SO GOOD POTENTIAL RETURNS AHEAD
!!WATCH OUT!!
!!FOR TRADE CALL!!
!!PLEASE NOTE TRADE WITH CAUTION AND AT YOUR OWN RISK PROFILE!!
!!PLEASE DON'T OVER TRADE!!
!!LIVE TO FIGHT ANOTHER DAY!!
!!HAPPY TRADING!!
Bank Of India (BANKINDIA) weekly chart study - Triangle bottomBank Of India (BANKINDIA) weekly chart study - Triangle bottom
Trade in the direction of breakout. Expecting a breakout on bullish side based on RSI divergence (minor evidence). Still its advisable to wait for the breakout before buying.
PSU Banks oversold. Enter Union Bank at 71. Target 73.5. SL 69.5PSU Banks oversold. Enter Union Bank at 71. Target 73.5. SL 69.5.
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
FEDERALBNK: BUY at 80.50 Target of 88 Stop loss of 77FEDERAL BANK BUY NSE:FEDERALBNK Trades on NSE with 6 times its average volumes for second consecutive day.
BUY NSE:FEDERALBNK at 80.5 Target of 88 and Stop loss of 77 on closing basis
Nifty PSU banks (CNXPSUBANK) weekly chart study - megaphoneNifty PSU banks (CNXPSUBANK) weekly chart study - megaphone
SOUTHBANK: BUY at 14.4 Target 16.4 Stop loss 13.4SOUTHBANK traded on NSE with 7 times its average volumes gaining 16% in trade. Signifies a pullback rally. Buy SOUTHBANK on NSE at 14.4 Target 16.4 and Stoploss of 13.4
Sell Orient BankApplied Fibonacci to recent lows and highs.
Stocks is taking support at 0.5 Fibonacci level.
Given the weakness in PSU Banks this stock can be sold below 76.3 with a stoploss of 77 Targets of 74.2
SBI - A near term top?Applied Fibonacci levels to July lows and August highs.
Stocks seems to have corrected 50% of its rally and taking support at 289 290 levels which is 0.5 Fibonacci level.
It also seems to be following a falling trendline.
SBI can be a sell below 288 with a stoploss of 293. Target is 280.
Party over for PSU Banks?PSU Banks have been in a consistent downtrend since the rally they had after 2008 Financial crisis.
This charts looks at last 10 years for PSU bank index and they seem to be following the trend line.
index needs to have strong consecutive weekly close above 3350 for a major uptrend to start until then its a sell on rally.
We should wait for Index to close below 3314 in short term for new short positions.
