 "Nifty PSU Bank index may rally another 10% from here on, show charts")
Nifty Financial Services Index
The Nifty Financial Services Index, with a current market price (CMP) of 20,0057.30, has been exhibiting a short-term uptrend on the charts. However, it is crucial to observe that, for this month, the index is expected to find support around the 19,800 level. Until the index reaches this support level, it is advisable for bullish traders to refrain from establishing new bullish positions. Additionally, another significant support level is anticipated at 19,480, which serves as a crucial anchor for the index this month. Traders are recommended to exercise patience and wait for a favorable opportunity to buy the index and its constituent stocks near the support levels.
Nifty PSU Bank Index
The Nifty PSU Bank Index, currently trading at a CMP of 4,433.50, is displaying a bullish trend on the charts. Traders should note that the final target for the ongoing trend is projected to be in the range of 4,620 to 4,875. To capitalize on this trend, the optimal trading strategy is to buy the index during price dips near the support level. On the charts, the index is anticipated to find support around 4,360 and 4,250.
Nifty Pvt Banks Index
The Nifty Pvt Banks Index, currently trading at a CMP of 22,842.20, is exhibiting a bullish trend in the short term. The index has a strong support range between 22,680 and 22,580. Traders are advised to seize opportunities to buy the index and its constituent stocks within this support range. On the charts, resistance levels are expected around 23,200 and 23,450, serving as potential barriers for further upward movement. The most effective trading strategy for the near and short term is to buy on price dips, taking advantage of temporary pullbacks within the overall bullish trend.
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Disclaimer: Ravi Nathani is an independent technical analyst. Views expressed are personal. He doesn't hold any positions in the indices mentioned above and this is not an offer or solicitation for the purchase or sale of any security.
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Disclaimer: Ravi Nathani is an independent technical analyst. Views expressed are personal. He doesn't hold any positions in the indices mentioned above and this is not an offer or solicitation for the purchase or sale of any security.