CNX PSU BANK INDEX chart study
CNX PSU BANK index spot CMP 3930
Elliot wave study
Time frame :- Daily
Index is trading in corrective phase of elliot wave.
Formation of wave B is completed and current sell off in index have started to unfold wave C of corrective phase.
Any rise in index should be used to exit any long position, till the recent high is not taken out on closing basis.
On lower side index might still retrace around 400-600-900 points on lower side.
According to this, psu bank might face selling pressure in coming time. at the moment most of the banks are trading around the high levels, it time for bulls to be cautious, till index does not cross above the recent peak.
More studies of chart pattern and harmonic will be added to this index in next study.
Keep watch,
Elliot wave study
Time frame :- Daily
Index is trading in corrective phase of elliot wave.
Formation of wave B is completed and current sell off in index have started to unfold wave C of corrective phase.
Any rise in index should be used to exit any long position, till the recent high is not taken out on closing basis.
On lower side index might still retrace around 400-600-900 points on lower side.
According to this, psu bank might face selling pressure in coming time. at the moment most of the banks are trading around the high levels, it time for bulls to be cautious, till index does not cross above the recent peak.
More studies of chart pattern and harmonic will be added to this index in next study.
Keep watch,
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