After a 5 wave advance the Nifty PSE index , is making a higher high. The implications are that the move upwards is not over and extending into multiple legs. 13 waves or 17 waves only time will tell. We know that it is not over and that is a good starting point.
With the markets being at an ATH and no real value visible in more PVT companies nor commodity companies..is it FINALLY the time of the PSU's.
From PSU banks like SBI & Canara Bank in the banking sector to ONGC, BPCL and GAIL in the Oil an Gas space to Concor (Idea shared last week) and Coal India.
NALCO in the metal space is close to a 10 year breakout too....
Nifty PSE is currently trading at the multiyear strong supply zone which has been tested 3 times since June 2018 but PSE failed to break.
We can see a breakout in the daily timeframe's trendline as pointed on the chart. Currently, NIfty PSE is 2.6% away from the top of the supply zone. If this supply zone is broken, we can see momentum in PSE stocks.
XABCD...
Hi
Just an observation and analysis based on charts and other technical factors
Looks like we are going to see an uptrend on NIFTY PSE i.e. >51% outstanding shares owned by Central / State govt
The list of all the PSE mentioned in the below link and individual charts are also indicating a bull run for PSE
in.investing.com
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...
PSE Index is being formed on Daily Chart a Rounding Bottom, It indicates price reversal to last resistance trend line...
So, It is in flavor in upcoming days...
