Nifty CPSE ETF. As on Wed 3 March 2021. CMP 24.37. Posted at 11:40 am.
Price has followed script quite beautifully. No need to complicate what is essentially simple price action.
Price is in a 3rd of 3rd wave that has plenty of upside to come. Resistance levels have been provided and price could pause or correct from those levels.
Nifty CPSE Index Analysis. As on Saturday 20 Feb 2021. CMP 1806.
Tradable instrument is CPSEETF, whose price is currently 22.88.
We are showing charts of both the CPSE Index (non-tradeable) and CPSE ETF (tradeable). From next post, we will not show the Non-Tradeable index at all as it makes more sense to show the tradeable index as both have identical structure.
Price is currently in a 3rd of 3rd wave higher that should reach the 27.50 ~ 29.50 (on CPSE ETF). The 21.50 ~ 21.60 level should offer support.
This is the CPSE Index Non-Tradeable.
Nifty CPSE Index (Bonus). As on 3 Feb 2021. CMP 1665
This is a trade-able index. Price has tested support at 1600 and bounced nicely. It should be headed up to 1890 level (minor resistance at 1825).
Price has moved pretty much in accordance with our previous post dated 9 Dec 2020. Price has broken out of an ascending triangle.
Nifty CPSE Index. As on 9 Dec 2020. CMP 1620. This is not an index we usually cover, but is an interesting one.
This index is actually a trade-able ETF. The basket of stocks in this index are interesting and potentially lucrative. The list of stocks is available here (direct from the NSE site) - most or all are PSU companies with high dividends.
For HNI investors, for tax purposes it may make sense to buy the ETF instead of the individual components, but pls consult your tax and investment advisor.
Price has encountered resistance at the 1620 ~ 1630 level. Whether price will bull-doze its way up or decline is not known at this time.
The way we would like to trade is either await a decline to the lower trend line at below 1350 before attempting a trade (red arrow), or wait for price to rally to the 1800 level and then wait for a subsequent re-test of the 1620 horizontal trend line (earlier resistance should act as support).