PSU Bank Index

The near term move up that is starting in PSU banks might only be wave C of an X wave long term as seen on the Nifty PSU Bank index. The move then is a bear market rally and not a bull run. The second X wave since the decline started and the last leg down in Z will be pending. Wave C of X waves, however, can be impulsive and give quick short-term gains, and therefore it would be worth considering.