Coal India forms Morning star on weekly charts# Coal India has taken support at a trend line and 50 wk avg line and formed a Morning Star pattern (reversal pattern)
# Formed a lower low
# 9 wk high volume
# Strong closing on Friday and week in spite of 3.5/- ex dividend this week.
# Fundamentally on growth side there is both price and volume uptick expected post monsoon on coal front, so the market should start pricing in better earnings and dividend in FY-22 and FY-23
# valuation wise the stock is trading at just 6 times FY22 EPS and a dividend yield of 9-10% whereas fixed deposits are earning 5% for 1 year
# The bull market is expected to pull the PSU stocks along as that section is very cheap compared to rest of the market. The narratives will follow.
