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Nifty Bank hits 200-DMA. How to trade bank stocks in the next few sessions

Expect PNB, Bandhan Bank and other banks to trade with a negative bias below 200-DMA

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technicals

Avdhut Bagkar Mumbai
The Nifty Bank has corrected over 10 per cent so far this month and this furious downside has created a fear, which distorts the confidence of traders and investors.

On Monday November 29, the Nifty Bank breached its 200-day moving average (DMA) placed at 35,700 hitting an intra-day low of 35,327. Market participants regard this average as the crucial denominator and firmly believe in its significance. Any stock trading below the 200-DMA is viewed as a negative stock with inclination of further downside. 

So, as long as the Nifty Bank defends the support of 200-DMA, the positive bias

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First Published: Nov 29 2021 | 11:38 AM IST

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