THE INDEX HAD PASSED THROUGH THE KUMO TWIST AND IS INTO THE BULLISH ZONE.
ONCE THE LEVEL OF 3210 IS CROSSED, THE INDEX SHALL REACH 3400 IN THE COMING DAYS.
WAIT FOR INDEX TO TRADE ABOVE 3210 LEVEL.
FUTURE CLOUD IS BULLISH AND ONE MAY EXPECT THE INDEX REACH THE ABOVE MENTIONED LEVEL.
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