For last few weeks we have been looking at indices. By the study of a particular index we then try to determine about investing in components of that index or the stocks that from that particular index. In the series we will today have a look at PSU Bank Index.
PSU Banks and the index of PSU bank consisting of banks like Bank of Maharashtra, Canara Bank, CBI,...
Hello All,
The recommendations are purely for educational purpose only, consult you financial advisor before trading.
Targets are mentioned in charts (either red lines or balck lines), keep Stop Loss as per your risk..
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Have a profitable year ahead
Gautam Khanna
Technical Analyst by Passion :-)
PSU MULTIYEAR Breakout will test the Pivot Range of 7500 provided the support level of 4000 respected as lower Low in the Uptrend Continues on weekly🙏
My Expectations after testing 7500 it may stuck into 4000 to 7500 range..Will time test the patience
Hope this analysis will assist you in your investments in PSU bank stocks.
Major stock that contributes this index are :-
SBIN - 29.05%
BANKBARODA - 17.12%
PNB - 13.1%
CANBK -12.02%
UNIONBANK-9.18%
INDIANB- 6.73
BANKINDIA -6.58%
If sustain above 7245 then 7378 to 7440 above this bullish then 7630 to 7701 then 7887 to 7967
if sustain Below 7059...
Nifty PSU Bank index recently broke its all-time high. It also retested the 5431 (5375) level on a daily time frame. It has been making a rounding bottom pattern, a solid pattern among all the bullish patterns. The relative strength index is above 60 on weekly and monthly time frames. It has been on an uptrend for the last couple of years. There is no resistance...
The CNXPSUB (NIFTY PSU Bank) index looks bullish as it is above 60 on a monthly, weekly & daily RSI. It has almost reached the target of the previous cup pattern on a daily time frame and just broke the neckline of the new cup. If you noticed, it also broke the neckline (5375 levels) of nearly 13 years of the cup monthly.
Barring a few weeks or months of turbulence, this could be a very bullish chart. In the short term, we can see 10-15% correction but overall things look really good for PSU Banks. Important levels have been mentioned in chart. If 5336 gets broken, we could be in for massive rally from this level. Immediate target is 5335.35-5299.30 Level.
PSU bank nifty had a high momentum 3rd wave that terminated around 4600
Since then it has corrected 20%+ in what is likely a 4th wave
Accumulate the names in anticipation of a 5th wave that should lead to highs towards 5000 on the index
Invalidation point for the wave count is red line
Hello to everyone
NIFTYPSUBANK-INDEX
👉🏻Index at trendline support
👉🏻20% + correction done after a massive rally.
👉🏻Now at decisive level (Make or break)
👉🏻Keep strong eyes on PSU BANK stocks.
