PSU Banks have been quietly climbing for a while now and today just added more fuel to that trend.
Both Indian Bank and the PSU Bank index made fresh new ATHs, which is exactly what we wanted to see after Indian Bank’s strong close yesterday. That close was the early signal.
What stood out on the chart:
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MACD crossover- momentum turning decisively bullish
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Choppiness Index cooling off- price moving out of a sideways phase into a trend
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No overhead supply levels above (price close to ath)
Took the trade around ₹914, with the SL just below the low of yesterday’s candle.
Targeting ₹1000, mainly because the broader PSU Bank setup still looks very strong and participation is clearly increasing.
