Time has come again to look at PSU Banks. After the announcement of the recapitalization of PSU Banks by our respected Finance Minister, Mr. Arun Jaitely, PSU Banks has moved 30%-40% in 1 day. Now, the prices have filled those GAPS and look like ready to resume the uptrend.
My 1st Pick is “Oriental Bank of Commerceâ€.
On The Daily Charts – The price has made a falling wedge pattern and it perfectly filled the GAP created due to the news. The price has made a Higher High and Lower High, clear indication of an uptrend.
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OBC Daily Chart
On The Weekly Charts – The price has made an Inverse Head & Shoulder Pattern and now it has retested the trendline.
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OBC Weekly Chart
OBC is a buy at 125.50 for Target 160-180-200!
