The uptick in these stocks came after the DIPAM invited bids from merchant bankers to assist the government in its planned stake sale in public sector banks and listed financial institutions
In the past one-month, the Nifty Realty and Nifty PSU Bank indices have underperformed the market by falling 14% and 8.7%, respectively, as compared to 1.6% fall in the Nifty 50
On Thursday thus far, Nifty Bank, Nifty PSU Bank and Nifty Financial Services quoted with losses up to 0.8% in a slippery market; technical charts hint up to 8% potential upside on these indices.
The Nifty PSU Bank index has plunged over 20% in the last six months and now seen testing long-term support on the monthly chart. Will PSU Banks rebound or extend fall? Key levels to watch out for.
PSU bank stocks: The Nifty PSU Bank index has surged 24.08 per cent on the National Stock Exchange (NSE) thus far in CY24
The Nifty Financial Services Index has recently shown a positive breakout from its consolidation phase, with a strong close above 23,911.
The Nifty Bank, Nifty PSU Bank indices are likely to extend the pullback in the near-term; Auto index too seems favourably placed, while the Realty index remains on weak ground, shows technical charts
Analysts at Elara Capital said no significant asset quality challenges and steady growth may ensure rerating for some PSU banks (after recent correction) on earnings stability.
Stock market trading strategy: The NIFTY PSU Bank Index is currently showing a downtrend in the near term, indicating a temporary pullback within its overall long-term bullish trend
The Nifty PSU Bank Index is currently positioned in a manner where buying on dips presents the most favourable trading strategy for near-term traders.
The PSU Bank index had zoomed 200% to a high of 8,053 after breaking above its 200-DMA in July 2022. At present, most PSU Bank stocks, barring SBI, are trading below this long-term moving average.
The fall in SBI share price came the New York-based brokerage Goldman Sachs downgraded SBI to 'Sell' from 'Neutral'.
The best trading strategy for the Nifty PSU Banks Index would be to adopt a "buy on dips" approach.
The Nifty PSU Banks Index is currently experiencing a downward trend in the near term. However, the index has recently undergone a sharp correction, bringing it very close to critical support levels a
The Nifty Financial Services Index currently shows a downward trend on the charts. Key support levels are anticipated at 23,080, 22,800, and 22,550.
PSU Banks in focus post Q1 earnings: PNB, BoI, BoB, Uco Bank and IOB rallied over 3% each. SBI, Canara Bank, Union Bank of India, Indian Bank and Central Bank were up 2-3%.
PSB shares: The Nifty PSU Bank index was trading as the top sectoral gainer on the NSE
he Nifty PSU Bank Index is currently trading at 7,178.00. The near-term trend on the charts indicates a downward movement
The Nifty PSU Banks Index is currently showing signs of potential underperformance, making a bearish trading strategy favourable in the near term
As of 13:03 PM; NDA was leading on 292 seats and the INDIA Alliance was ahead on 233 seats, while others were on top of 18 seats