POWERFUL IDEAS - SMALL FINANCE BANKS
[SOMETHING SEEMS TO BE BREWING IN SMALL FINANCE BANKS IN INDIA]
Covering a technical view on the following stocks:
#EQUITASBNK [EQUITAS SMALL FINANCE BANK]
#SURYODAY [SURYODAY SMALL FINANCE BANK]
#UJJIVANSFB [UJJIVAN SMALL FINANCE BANK]
#AUBANK [AU SMALL FINANCE BANK]
Let’s dive in!
#EQUITASBNK [EQUITAS SMALL FINANCE BANK]
The stock had formed a nice Cup & Handle and had broken out of in the last week.
The volume build-up has been great and has the footprint of institutional activity.
It has been showing very good relative strength.
Stock seems to be in a Stage 2 Advancing phase with all the Mas stacked up well in order, rising and with price above the MAs.
Also enjoying sector tailwinds - Banking has been doing well
Stock is near ATH
#SURYODAY [SURYODAY SMALL FINANCE BANK]
Stock has broken out of a medium-term sloping trendline
The volume build-up has been great and has the footprint of institutional activity
Has been showing very good Relative strength
Stock seems to be in the process of breaking into a Stage 2 Advancing phase. The MAs are just getting aligned
Also enjoying sector tailwinds - Banking has been doing well
Stock has a lot of overhead supply which it needs to clear
#UJJIVANSFB [UJJIVAN SMALL FINANCE BANK]
Stock has broken out of a long-term sloping trendline
The volume build-up has been great and has the footprint of institutional activity
Has been showing moderate Relative strength
Stock seems to be in a Stage 2 Advancing phase with all the MAs stacked up well in order, rising and with price above the MAs.
Also enjoying sector tailwinds - Banking has been doing well
Stock has a lot of overhead supply which it needs to clear
#AUBANK [AU SMALL FINANCE BANK]
Stock has been consolidating in a big parallel channel since March 2021
The volume build-up has been just started and has the footprint of institutional activity
Has been showing good Relative strength
MAs are just stacking up but the stock still seems to be in a consolidation mode
Also enjoying sector tailwinds - Banking has been doing well
SUMMARY
3 out of 4 stocks have a lot of common characteristics, especially the charts setting up, build-up of volume, institutional activity and relative strength.
Such coincidences don’t happen just like that.
Institutional activity usually happens in tandem within a sector or sub-sector. And, it always pays to go with the institutions.
Looks like these Small Finance Banks have just started attracting a lot of attention and a good case for a solid upside is just building up.
The above is just for educational purposes. This is not an investment advice or recommendation to trade in these stocks.
#Stocks #Stockstowatch #Banking #Markets