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NIFTY PSU BANKS (NIFTYPSUBA)
Outlook: Needs to cross 2,850
Indeed, the index crossed the 50-day moving average (DMA) at 2,700 levels with a strong positive sentiment, but unless the next resistance of 2,850 does not get conquered, the upward breakout may see profit booking, as per the daily chart. An up move above the said hurdle may see 3,000 mark. The Moving Average Convergence Divergence (MACD) has crossed the zero line indicating an upward momentum. CLICK HERE FOR THE CHART
State Bank of India (SBIN)
Likely target: Rs 550
Upside potential: 8%
Outlook: Needs to cross 2,850
Indeed, the index crossed the 50-day moving average (DMA) at 2,700 levels with a strong positive sentiment, but unless the next resistance of 2,850 does not get conquered, the upward breakout may see profit booking, as per the daily chart. An up move above the said hurdle may see 3,000 mark. The Moving Average Convergence Divergence (MACD) has crossed the zero line indicating an upward momentum. CLICK HERE FOR THE CHART
State Bank of India (SBIN)
Likely target: Rs 550
Upside potential: 8%
