CNX PSE IN WEEKLY CHART. It seems wave 3 has unfolded and this move could propel it move to 3306 and finally to 4027.
Being under owned and most hated sector for value destruction ,it seems a change of guard is there.
With the big mind set change of the Government towards PSUs over the last 1 year (stopping of CPSE offers, announcing Privatization of BPCL and CONCOR Last Year) and now a clear vision being communicated in the Budget...CNX PSE Index is gearing up for a big take off...if we go by the charts if the breakout sustains above 3100 then we are talking above a move...
If NIFTY PSE Index Moves towards Midian -> Upper Band of parallel channel,
Who Tooks Initiatives? Think Heavy Weights.
Top constituents by weightage (Name(WEITAGE%)
NTPC'(13.23%), ONGC'(11.83%), POWERGRID'(11.12%), COALINDIA'(9.11%), IOC'(8.82%)......
Some Fundamentals: P/E => 10.94, P/B => 1.48, Div Yld => 4.32,
Correlation (NIFTY 50): 0.69(1 Year),