Bulls ride PSE index to historic peak, half of index stocks on breakouts

Altogether 10 out of 20 stocks in Nifty PSE index are flashing breakout structures that reflect medium-term bullishness.

Nifty PSE (Public Sector Enterprises) index hit a new-all time on Wednesday, conquering major barrier of 4,550-mark, with majority of its constituents flashing new breakouts on charts.  Altogether 10 out of 20 stocks are flashing breakout structures that reflect medium-term bullishness. 

Shares of GAIL (India), National Aluminium Co., NTPC, Oil India, Oil & Natural Gas Corporation, Power Finance Corporation, REC, Power Grid Corporation of India, Hindustan Aeronautics and Coal India are scaling higher highs, portraying “Bullish rising channel pattern”.

A Rising Channel pattern is a scenario where stock price continues to scale higher highs, with underlying support continues to bolster