Nifty gave good pull-back as expected. Lets see what are chart saying further:
Last week hammer played it role on friday with good up-move on Nifty. We might see some consolidation so that broader market can absorb this up-move. 7150-7300 area will act as a strong support now.
Few Banking stocks are near their long term supports. Being defensives, these levels are looking very attractive:
Punjab National Bank:
PNB near long term support. It might see some recovery from these levels. Risk Reward is good.
Federal Bank :
Federal bank near long term channel support. Last time it did false breakdown. Lets see how it reacts now :).
SBI:
SBI also near long term channel support. :)
SIB:
Range getting retested again :).
PSU Banking Index:
PSU banking index smartly recovered and again came back in down-trend channel. If holds some recovery possible.
NOTE: Above Charts are shared only for learning purpose and are not related to any buy/sell tip.
Last week hammer played it role on friday with good up-move on Nifty. We might see some consolidation so that broader market can absorb this up-move. 7150-7300 area will act as a strong support now.
Few Banking stocks are near their long term supports. Being defensives, these levels are looking very attractive:
Punjab National Bank:
PNB near long term support. It might see some recovery from these levels. Risk Reward is good.
Federal Bank :
Federal bank near long term channel support. Last time it did false breakdown. Lets see how it reacts now :).
SBI:
SIB:
Range getting retested again :).
PSU Banking Index:
PSU banking index smartly recovered and again came back in down-trend channel. If holds some recovery possible.
NOTE: Above Charts are shared only for learning purpose and are not related to any buy/sell tip.
MCX Tips are obtained from market analysis. It helps traders in gaining high profit from market by investing wisely in presence of experts.
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