Hello All, Yesterday I posted about how I am able to see a upside in PSU BANKS Index (I have attached the link of that article below). I asked you all to reflect on it and prepare a list of the stocks which can be the early leaders in this sector.
I personally find Indian Bank's setup really convincing. Stock is forming a VCP pattern on the Weekly chart and looks ready to explode. A lot of accumulation can be seen during this period (just look at the height of volume bars). The quantity delivered during the high volume days is also good.
Since it's a weekly chart the SL should be a bit long but so is the Target. SL can be kept around previous pull back level of around 120 while the first target expectation can be around 200.
Happy Trading! :)
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Hello all, The stock has already given around 12% since the day I posted. Just wanted to update you all that the trade is still active, do not get worried about the whipsaws in between :)