For the last few years PSU bank index moved in tandem with SBI.
SBI raises - PSU Bank Index raises
SBI Falls - PSU Bank Index falls.
While PSU bank Index fallen 500 points (14%) from March 2019
SBI has just fallen 20 points (6%) from March 2019
Even though BankNifty is beaten down SBI is standing tall. Expecting a good move in SBI after election.
CNXPSUBANK breaks below range of 2655-2700
majorly contributed by SBIN which breaks below support of 256
next support for CNXPSUBANK would be around multi-year support level of 1900-2050
which would mean that SBIN expected to test support in 232-235 range
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:-
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