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HDFC Bank, ICICI Bank: Bank stocks look weak on technical charts. Stay away

A gap down close after touching 100-DMA indicates selling pressure in HDFC Bank. he counter has consistently failed to conquer 100-DMA as gap-down close has forced prices to correct even further.

Nifty Bank is s losing upward momentum gradually and this may result in a sell-off
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Nifty Bank is s losing upward momentum gradually and this may result in a sell-off

Avdhut Bagkar Mumbai
NIFTY BANK: The index is losing upward momentum gradually and this may result in a sell-off if a reversal does not happen immediately. Going forward, the index faces resistance at 18,000 levels on a closing basis. A close below 17,000 may attract build-up of short positions. The current momentum indicates weakness as both the technical indicators - the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) - are trading in a negative crossover. CLICK HERE FOR THE CHART

State Bank of India (SBIN): The counter has broken the symmetrical triangle suggesting a bigger downside with bearish

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First Published: May 26 2020 | 7:45 AM IST

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