This Index gives clarity as regards how PSU Banks are going to fare. From lows, the Index has come up to 200 DMA. But there is lack of direction. It is learnt that RBI is working hard to settle the nagging issue of NPA. If the efforts of the RBI bear success this Index will settle above 200 DMA and scale up. Then we may invest in good PSU stocks such as SBI. At ...
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 ...
THIS HOURLY CHART PANEL SHOWS CRUCIAL POINTS
THIS MEANS THAT THE INDEX HAS ACTUALLY TRADING IN A
RANGE WHICH IS VISIBLE IN STOCKS LIKE:-
SBIN,CANBK,BOB,BOI
IF YOU WATCH INDIVIDUAL CHARTS MKT MOVES FROM BOTTOM TO TOP AND SO FOURTH BUT CREATING GRADUALLY(HIGHER HIGH AND HIGHER LOWS)
TRENDLINE BREAK WILL TEST 3190-50
UPSIDE THERE IS CHANCE OF TEST 3350
BUY CANBK ...
3352 - 3363 looks Crucial in Upside. Potentially trending with "-VE" bias.
BIAS of Stocks in Constituents of Nifty PSU Bank Index.
In "-VE" Bias: BANKBARODA', CANBK', IDBI', INDIAN Bank', ORIENTBANK', UNIONBANK'.
In "+VE" Bias: ALBK', PNB'
Neutral: May be Flat to "-VE" Bias: ANDHRABANK', BANKINDIA', SBIN', SYNDIBANK'.
Education purpose only.
PSU Bank Index is was trading near Historical Support Zone and Failed to Break on the downside.
Reasons:
The Green Zone can be seen a Strong Support on Monthly and Weekly Charts.
It has made a Triple Bottom near the Support.
Weekly Closing Strong Bullish Candle.
Monthly Closing Bullish Engulfing.
Still ~300 points far from the immediate ...
THE INDEX HAS ENGULFED ABOVE THE CLOSE OF THE
PREVIOUS BAR.
STOCKS LIKE BOI AND BANKINDIA AND CANARA BANK
HAVE ALSO SEEN BULLISH ENGULFING PATTERN
BUY ANY OF THE ABOVE STOCKS WITH A SHORT TERM VIEW
GOVT. BANKING SECTOR NEED MORE CORRECTION..
2680 IS GOOD SUPPORT ..
BELOW IT WE MAY SEE 2200 AND 1870 LVL..
SO THINK DEEPLY BEFORE INVESTING GOVT. BANKING STOCKS..
comment your view..
For more query comment below..
i ll happy to see your view, comment and feedback
And follow for such more analysis ....
I hope you can now see how CNXPSUBANK CHART Pattern represents an excellent low risk profit entry setup allowing you to trade. Hence the low risk profit entry setup. You will also have seen with the correct price and time analysis you can determine your entry and exit with high levels of accuracy ensuring the risk/reward is always in your favour..
Thanks for ...
PSU bank index has tried to hold the gann support line barring intra day breach. If holds rally coming. Conclusive breach will open next leg to a huge downside. If tomorrow opens flat/positive can try longs with 19th feb lows as stop loss
All mentioned & plotted on Chart.
My personal View. If matched, Like & Share
As i am not SEBI regd. analyst, take this study as educational purpose.
For taking trade decision Consult with financial Advisor.
Going forward till 3700 holds expect upside upto 4350-4450 with big breakout on close above 4350 weekly closing basis.
In case 3700 is broken profit booking upto 3500 will be seen and negate of above view.
