Selective stocks like Bharat Petroleum Corporation, Divi's Laboratories, Hindalco Industries, Hero MotoCorp and State Bank of India, the technical charts are reflecting clear weakness.
Descending Triangle breakdown on Nifty Bank index may see up to 5% decline
The lenders to the group include big names like the State Bank of India, Bank of Baroda, the Punjab National Bank, Axis Bank, and IndusInd Bank
SBI Q3 result: The profit number beat Street estimate. Consensus estimates by Bloomberg had projected net profit at Rs 13,196 crore
Global broking and research firm CLSA said on Thursday, that the Adani Group poses no "significant downside risk" to Indian banks.
Stocks to Watch: TCS reported 11 per cent YoY growth in Q3 net, while revenue beat analyst expectations at Rs 58,229 crore.
PSU Bank index surged 71 per cent in CY22, recording the highest-ever gain since it debut in 2011
Stocks to Watch: KFin Technologies to debut on the bourses today. The stock is likely to list on a tepid note.
In the past one month, SBI up 3% has underperformed the PSU Bank index, which surged 21% during the period.
Coal India, SBI and Adani Enterprises continue to trade with a robust bullishness, while TVS Motor and Bajaj Finance seem to be struggling to hold their ground, technical charts show.
As per the charts, SBI and DLF need to conquer the near resistances at Rs 620 and Rs 420, respectively, for fresh gains to emerge.
Recently, SBI raised Rs 10,000 crore through its maiden issue of infrastructure bonds, for funding infrastructure and affordable housing segment.
Stocks to Watch Today: SBI too may be in focus after the PSU bank successfully raised Rs 10,000 crore via its maiden infrastructure bonds.
Stocks to Watch Today: According to reports, Zomato is likely to witness a block deal on Wednesday.
SBI has seen long-build in the November series, with a 3 per cent rise in open interest and price so far, says the technical & derivative analyst.
The Nifty PSU Bank index hit a new high of 3,811.15 on Wednesday, and has zoomed 67 per cent from its 52-week low of 2,283.85, touched on June 20, 2022.
Shares of State Bank of India (SBI) climbed nearly 5% to an all-time high on Monday after the country's largest lender reported a record quarterly profit
SBI with its humongous size has reported consistently upbeat performance with this quarter seeing above par growth in earnings and return ratios, said analysts.
SBI Q2 preview: SBI's NII is expected to grow less than 10 per cent both, yearly and sequentially, and may come in the range of Rs 32,681 crore to Rs 33.537.6 crore
The Nifty PSU Bank index hit a fresh 52-week high on Friday and has gained 15 per cent so far this month. The index can rally another 4 per cent.