Some PSU Banks are on the verge of break out.
1. Canara Bank on Monthly charts giving break out on monthly charts, targets of that comes around 470, which is 50% upside from cmp of 325. On the up move resistances come at 382(89 weekly SMA) and 429 another trend line resistance.
However on weekly charts resistances is coming around 330. So any close above 330 will open the doors for 380 and then 420.
2. Bank of Baroda(cmp 179.65)
On monthly charts there is some resistance around cmp, crossing this trend line will give the targets of around 225.
On weekly charts some upside can be seen upto 200.
Disclosure: I am not a SEBI certified analyst so please take your own decision before acting on this call. Further i do hold both the stocks in my Portfolio.
1. Canara Bank on Monthly charts giving break out on monthly charts, targets of that comes around 470, which is 50% upside from cmp of 325. On the up move resistances come at 382(89 weekly SMA) and 429 another trend line resistance.
However on weekly charts resistances is coming around 330. So any close above 330 will open the doors for 380 and then 420.
2. Bank of Baroda(cmp 179.65)
On monthly charts there is some resistance around cmp, crossing this trend line will give the targets of around 225.
On weekly charts some upside can be seen upto 200.
Disclosure: I am not a SEBI certified analyst so please take your own decision before acting on this call. Further i do hold both the stocks in my Portfolio.
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