Nifty PSU Bank Index

Nifty PSU Bank Index. As on 22 March 2021. CMP 2200.

The PSU Bank index has declined close to 20% from the Feb 2021 high of 2660.  This is likely to be a wave iv correction.

Preference is for the correction to have ended at last week's low of 2080, but further declines, if any, are likely to be contained by the 1900 support level.

Support at 1900, and Resistance at 2660 ~ 2740 is likely to contain price action for the near term.

The 1st chart is the 3 day chart, which shows the 10 EMA still above the 20 EMA signalling the intermediate bullish trend remains in place.