Published on 9/03/2017 11:35:21 AM | Source: GEPLCapital Ltd

Nifty PSU Bank has immediate support placed at 3000 levels - GEPL

Posted in Broking Firm Views - Sector Report | #GEPLCapital Ltd #Banking Sector #Sector Report


NIFTY PSU BANK   Current Close: 3223.95    Trend : Negative

Observation

* NIFTY PSU BANK is the most underperforming sectoral indices, as it closed down by around 2.23% at 3223.95, as against a down move of 0.47% in benchmark NIFTY 50.

* The Sector made a recent swing high @ 3503.90 a few weeks back, but has failed to sustain at higher levels and has also faced a strong resistance @ 3450, as seen on weekly charts.

* The Sector continued with its bearish momentum with the formation of Lower Tops & Lower Bottoms, since last six consecutive weeks.

* The indicator like RSI also showing negative cross over from higher levels (67); which is further cause for current Bearish projectile.

* The support level is placed at 3000 – 2800 levels whereas the resistance zone is placed at 3420 - 3550.

 

Stock Watch

Negative: BANKBARODA, IDBI, ALBK, SYNDIBANK, UNIONBANK.

Positive: - SBIN, BANKINDIA.

 

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