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-
, 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
, 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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