The Nifty PSU Banking Index has been an outlier during the recent crash, which indicates a strong performance in the sector. The stock has confirmed a breakout from the pattern near the 41 mark, resembling a bullish inverse head and shoulders pattern. Traders can buy the stock on dips near 40, with a 36 stop loss and a 3- to 5-week upside target of 48. As mentioned above, regarding the Nifty PSU Bank Index, SBI has the highest weight in it. The stock also confirmed a strong breakout on the daily chart and is also above the ICHIMOKU cloud. The stock is on track to hit new highs in the coming weeks. Therefore, we recommend traders to accumulate in the 530 – 520 range with a stop loss of 500 (daily close) and an upside target of 570 for the next 3 – 5 weeks.
Complete News Source : Business Standard
