Corporation Bank, PNB: Here's how PSU banks look on the technical charts

Public sector banks have been in focus since last week, after the government decided to infuse nearly Rs 48,000 crore in select PSBs. Here's how they look on the charts

The NiftyPSU Bank index slumped 450 points in the last two months, correcting 14 per cent from the January high of 3,224.50. The overall trend for the index has been sluggish with a bigger range of 3,400 – 2,500 levels, weekly chart suggests.

The index is trading below 200-day moving average (DMA) on the daily and weekly scales. The scenario depicts its inability to establish strong delivery base volume at lower levels as per the charts.

All the major technical indicators such as RSI (Relative Strength Index (RSI), Stochastic and MACD (moving average convergence and divergence) are trading in the