* Year old consolidation breakout with huge volume.
* Consolidated in flag pattern after the big breakaway gap.
* Options OI data also suggest 300 support and 320 resistance.
* Ready for another round of rally. Levels are written on the chart.
After a sharp correction, it has reached to the bottom of its bullish channel. Don't see him breaking that channel. As trend of the market is still bullish. Nice levels to buy.
To continue next leg of rally BankNifty must not breach 27500. It may consolidate here for a while before starting another run. Or if it breaks 27500, then we will test 27000 levels too.
PSU banks have underperformed in july and expected to outperform in August. BankIndia was over-beaten stock and have shown strength from the bottom in late july. Bankindia will be my first pick to play PSU cards in august.
Relaince was consolidating for 4 days after in a flag pattern. Today it gave a breakout & also posted better then expected numbers. Bullish trend will continue.
India cement is in downtrend from past 1 year. And recently it breaks out from its downward channel after surprisingly good earnings from its peers (Ambuja, ACC). Heavy beaten down good quality stock, technicals suggest possible upside of another 15%.
