We continue our coverage on PSU Banks. PSU Index yet to cross crucial 3600-3700 level, but some PSU Banks are showing strength. SBI is range bound between 280 and 288 in last few days. If it manages to cross and stay above 292-295 supply zone, we may see some upward movement. Eventually PSU Bank Index will cross 3600-3700 as SBI enjoys 65% weightage in the Index.
We will examine technical setup for three relatively small PSU Banks namely Oriental Bank, Syndicate Bank and Andhra Bank. All three stocks are about to breakout from a bullish reversal formation.
Remember the oil Chinese proverb? One picture is worth a thousand words. Please find below three pictures (charts). Hope this will be equivalent to three thousand words.
Chart courtesy. in.investing.com
Disclaimer - The views here expressed and the charts shared are strictly for educational purpose and not guideline for buy or sell. The author will not be responsible for any loss, that may occur.
We will examine technical setup for three relatively small PSU Banks namely Oriental Bank, Syndicate Bank and Andhra Bank. All three stocks are about to breakout from a bullish reversal formation.
Remember the oil Chinese proverb? One picture is worth a thousand words. Please find below three pictures (charts). Hope this will be equivalent to three thousand words.
Chart courtesy. in.investing.com
Disclaimer - The views here expressed and the charts shared are strictly for educational purpose and not guideline for buy or sell. The author will not be responsible for any loss, that may occur.
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