Canara Bank Long
All PSU banks are looking strong. Bank nifty is looking strong.
There is major breakout on bigger timeframe. It has been facing quite resistance from sometime. Also it has broken its swing high and went to 93.3
The point from where it started to break down even after breaking the trendline resistance is because it was harmonics point.
10% OI builtup in futures. Major rally to begin here. Expecting this to cross 95-100-107-115.
Why canara bank among PSU? -SBIN is part of nifty as well, so with impact on nifty it may just adjust a bit. Why not Bank Baroda then? cze the OI is negative, i.e. shorts are covered and so not expecting momentum there until fresh buying is seen. But PSU banks are looking very bullish.
There is major breakout on bigger timeframe. It has been facing quite resistance from sometime. Also it has broken its swing high and went to 93.3
The point from where it started to break down even after breaking the trendline resistance is because it was harmonics point.
10% OI builtup in futures. Major rally to begin here. Expecting this to cross 95-100-107-115.
Why canara bank among PSU? -SBIN is part of nifty as well, so with impact on nifty it may just adjust a bit. Why not Bank Baroda then? cze the OI is negative, i.e. shorts are covered and so not expecting momentum there until fresh buying is seen. But PSU banks are looking very bullish.
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