PSU Banks are generally slow to catch up on a bullish trend. But speed is not what we’re after. We’re trying to lock into accuracy. So we wait patiently until the alarm bells go off and then we look into PSUs.
Well, its that time again! We have some stocks here that are displaying strength and some that are just breaking out. Let’s take a look at this list, shall we?
Let’s start off with an index view, just to see where we’re at in the trend.
Guess what we have at an index level when it comes to the PSU Banks? 2-year highs, folks! PSUs had been struggling to sustain above the crucial level of 2,700. As you can see, the price movement in the recent past has been full of whipsaws. We finally have new highs coming off of those whipsaws as well.
With the price gaining momentum, we’re looking out for targets close to 3,445 and 3,730.
Click on the chart to zoom in.
Ok, so the trend is positive on an absolute basis. But do we have any update on relative strength?
We may.
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