Nifty PSU Banks to zoom…
Declining Trend Line breakout
Nifty PSU Bank Index has been in a declining trend since hitting its December 2015 peak of 4453. The index corrected sharply till December 2016 and since then the index is showing tremendous strength and has reversed from a falling trend.
If the breakout unfolds the way it should then we expect a potential target of 4140 in the next 9-12 months.
BUY – State Bank of India – Target Rs 355 – Stop Loss – Rs 252
BUY - Oriental Bank of Commerce – Target Rs 190 – Stop loss – Rs 115
Click here for the detailed report on the same.
India Infoline Research
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