The PSU Index saw a strong rally after a falling wedge breakout but now faces resistance near 7250, with bearish RSI divergence hinting at weakening momentum. A pullback is likely, and price action at 6838 or 6572 will decide whether the uptrend resumes or a downtrend begins—impacting key PSU bank stocks like SBI, PNB, and BOB.
Key Pointers:
📉 Falling wedge breakout led to a strong bullish rally.
⛔ Resistance near 7250 is restricting upside.
⚠️ RSI bearish divergence suggests weakening momentum despite rising prices.
🔄 Two scenarios ahead:
Pullback + bullish signs → uptrend likely to resume.
Pullback + no bullish signs → possible start of a downtrend.
📊 Key pullback support levels:
6838 (major pullback)
6572 (major pullback)
📉 Impact: Stocks like SBI, PNB, and BOB may see short-term fluctuations in line with PSU Index movements.
Key Pointers:
📉 Falling wedge breakout led to a strong bullish rally.
⛔ Resistance near 7250 is restricting upside.
⚠️ RSI bearish divergence suggests weakening momentum despite rising prices.
🔄 Two scenarios ahead:
Pullback + bullish signs → uptrend likely to resume.
Pullback + no bullish signs → possible start of a downtrend.
📊 Key pullback support levels:
6838 (major pullback)
6572 (major pullback)
📉 Impact: Stocks like SBI, PNB, and BOB may see short-term fluctuations in line with PSU Index movements.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.