After a 3 day rally in PSU banks, today we saw some selling pressure from the top which pushed these banks down from day’s highs.
The market particularly isn’t very supportive and if the Bear onslaught continues on Nifty, PSU banks with relatively weak fundamentals compared to their private peers may be an easy target for Bears looking for new opportunities to hammer some stocks.
I can see that Bank of Baroda
BANKBARODA
faced stiff resistance today at around 141 levels,which is 61.8% retracement level of its previous downmove.
A fall from here can send it tumbling down to ~ 125 levels and below.
Tomorrow’s candle will be crucial.
Also,be careful as results are set to be declared on May 25.
Disclaimer: Views expressed here are my own, and should not be interpreted as an Investment Advice. Please consult your Financial Advisor for investments.
The market particularly isn’t very supportive and if the Bear onslaught continues on Nifty, PSU banks with relatively weak fundamentals compared to their private peers may be an easy target for Bears looking for new opportunities to hammer some stocks.
I can see that Bank of Baroda
BANKBARODA
faced stiff resistance today at around 141 levels,which is 61.8% retracement level of its previous downmove. A fall from here can send it tumbling down to ~ 125 levels and below.
Tomorrow’s candle will be crucial.
Also,be careful as results are set to be declared on May 25.
Disclaimer: Views expressed here are my own, and should not be interpreted as an Investment Advice. Please consult your Financial Advisor for investments.