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SWINGTraderIndia - Nifty PSU Bank Index Analysis

May 18 2021
Nifty PSU Bank Index has formed a bullish continuation pattern on weekly charts, with “Relative Strength Line” breaking out above the downward sloping trendline. Also, this index is trending above 50- and 200-DMA, with a “Golden Cross Over” on the daily chart, which in turn, indicates a bullish trend in this space.
Further analysis of sectoral components (stocks) indicates bullish trends. The stocks which have the highest weightage in this sectoral index, like SBIN, BANKBARODA, PNB, CANBK, and UNIONBANK, are showing a bullish trend, and we expect all these stocks to generate positive returns in the next few weeks and months.

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