NIFTY PSU BANK INDEX ELLIOTT WAVE ANALYSISNSE:CNXPSUBANK Multi Year Breakout and Retest.
Looking ready to resume the Rally in a 3rd Wave of Bull Market.
CNXPSUBANK trade ideas
#PSU BANK ANALYSIS PSU banks will outperform better that PVT banks in coming weeks and chart also says that it has retested it's supportive zone very well...so focus on PSU stocks for better returns.
CNXPSUBANK - August Second week viewLast week view
On Weekly charts PSUBANK index is moving in this channel and has made a doji at upper resistance line.
This is also kind of pole & flag pattern, if breakout happens upside then we can see good momentum in PSU banks
Latest position
This weekly closing is above the channel but the candle is not very bullish.
#PSUBANKCNX PSU Bank: PSU Bank poised to take a lead. Appears correction is over. Close above 4K it is ready for 20% up move. RSI gave BO before price. MACD & ST turned +VE. Price > 18 EMA.
WeakWeak below 4175 for 3450-3300 . View will be tuned bullish if price gives close abv 20 SMA and slope of SMA turned to the upside. Expected time frame by March end.
Disc : It's not an investment advise to buy or sell. Pls do your research
NIFTY PSU BANK: 4334NIFTY PSU BANK: 4334
SUP: 2800/2200
Broken long term trendlines and moving up.
Immediate RES: 5373.
As long as the above supports hold, we can see 5800, 6350, 7000, 8000.
NSE: PSU BANK: BULLISH?NSE: PSU BANK: BULLISH for 8000?
As long as above 3100, we can see more bullish move towards 5500, 7000, 8000.
Bullish breakout in NSE PSUBANK Index on weekly chartNSE's PSUBANK index (ticker: CNXPSUBANK) was trading in a long head and shoulders consolidation for two years from mid 2019 to mid 2021. The breakout from inverted H&S happened in Oct'21 after which the index began to consolidate in a bull flag type of formation till Aug'22.
The index broke out from this consolidation in Aug, gave a retracement back to the consolidation zone and has now finally broken out of this zone. We are bullish on the NSE PSUBANK index in the coming months with immediate target of 3400 followed by 4000-4200 as a major resistance zone as shown in the chart. Stop loss below Sep'22 low of 2856.
Nifty PSU Bank ---Ready for Big 'n' Long Journey !!!NSE:CNXPSUBANK 12 years under performance converted into most outperformance sector. Monthly chart shows public sector banks will perform in near, medium and long term from current levels.
PSU showing sign of continuationmost of psu - mahabank, unionbk, canbk, karurvysya... etc are consolidating and might perform well in coming weeks. look for low risk entry
How to compare relative performance between stocks and indices ?You can compare the relative performance by using the compare option on charts. The compare function tool is used to compare the market movements of two or more different symbols simultaneously. Popular use for a comparison chart is comparing two companies within the same sector.
Click on the Compare or Add symbol button (displayed as plus sign) on the toolbar along the top of the chart, search and add the indices/stock which you would like to compare. You will see a representation of the percentage comparison from the beginning price point to the current price.
To delete the comparison line right-click on it and click on ‘Remove’.
This example is comparison chart of Nifty Bank and Nifty PSU Bank.
After 12 years i.e. 1st November, 2010 - 7th November, 2022:
Nifty Bank - 214% Positive
Nifty PSU Bank - 31% Negative
Nifty PSU Bank has given breakout.
I hope this little information on comparing indices/stocks is useful. Please feel free to write any additional information in the comments section below.
Thanks and happy learning/trading.
Disclaimer: This is for demonstration and educational purpose only. This is not buying or selling recommendations. I am not SEBI registered. Please consult your financial advisor before taking any trade.
Nifty PSU Bank Trend Line Resistance BreakoutNifty PSU Bank Poised For 20-25-40% Rally From Current Price.
Cmp 2823.25
Buy Sbi, Canbk, BOB, PNB
CNX NIFTY PSUTime to be cautious in your investments..
as per elliot wave theory, index is on verge to complete the motive move and soon retracement can be seen
the move is over extended so the reversal may be sharp in nature
Nifty PSU to touch 4300 lead by SBIs strong growth SBI Q2 2022 has given Net Profit of 13,000 Cores this will lead the rally ,
Next Bank Nifty rally will lead by SBI Bank.
PSU BankSuper run up last 4 months....
Approaching trend line on monthly charts...
euphoria continues and amplifies if monthly trend line is breached on monthly closing basis than a supper rally on the cards...
Any how 3735 is a big hurdle to cross....
Happy trading and like share and follow..
PSU bank looking interstingcan look to take a long position in PSU banks if it closes this month above 3250 it will be a good bet to take
NIFTY PSU-BULLISH~Monthly chart of NIFTY PSU BANKS has given trendline break out after 12 years.
~The weekly chart is also bullish.
~The chart of NIFTY PVT BANKS IS ALSO SHOWING STRENGTH.
Expecting Big Breakout in NIFTYPSU BankNIFTY PSU Banks Ready for Big breakout above Resistance line
Big Rally above Trendline Resistance
Nifty PSU Banks Monthly Chart
Positive RSI Monthly Chart
