CNXPSUBANK trade ideas
Curious case of SBI and PSU IndexFor 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.
PSU's in RangeExplained in chart....
Disclaimer:
All my post are for educational purpose non directional & non advisory
NIFTY PSU BANKS COMING DOWN FOLLOWING 'FAILING WEDGE PATTERNSNIFTY PSU BANKS DOWNSIDE VIEW -- FROM 2950 TO 2600 IN 1-2 MONTHS
CNX PSUBANK 2005-18 time cycles+ gann 2130 support, apr 19 turnVery long term charts on PSU bank nifty. Gann aupport around 2100-2150. Turn date around april 2019. It's a weekly so keep that in minf
Nifty PSU banks (CNXPSUBANK) weekly chart study - megaphoneNifty PSU banks (CNXPSUBANK) weekly chart study - megaphone
Nifty PSU Bank IndexNifty PSU Bank index is standing near to very important level of 2650....if closes below this level, next support comes around 2150. In this case SBI may fall to 250-238-230
in.tradingview.com
Nifty PSU Bank Index - looks weakIf the index closes below 2650, we may see 2150 levels. Be caution before buying the psu bank stocks. This is monthly chart
Nifty_PSUBanksThis 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 the moment no other PSU Bank is faring well except SBI which is in trading mode with some stability.
Party over for PSU Banks?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 3314 in short term for new short positions.
ASCENDING CHANNEL ON HOURLY CHART IN PSU BANK INDEXTHIS 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 @278.5
STOP@273.85
TARGET@288
LOT:2000
QTY:1
BUY SBI @306
STOP@304.15
TARGET@311.5
LOT:3000
QTY:1
NIFTY PSU BANK: ....... Exhausted3352 - 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 showing signs of a Turn aroundPSU 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 resistance.
How to Trade:
This will give a good base for PSU Banks Stocks to Launch again after months of Correction. Do not overexpose but while keeping an eye on Fundamentals once can trade long on the Index.
My Favourites are
NSE:SBIN
NSE:BANKBARODA
NSE:BANKINDIA
NSE:CANBK
NSE:INDIANB
Smartly accumulating and Buying on Dips can give good returns in these Stocks
