Nifty PSU Bank

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

Government-owned shares witnessed intense selling pressure as analysts feared that the relatively poor showing of the Modi-government may impact its reforms agenda.

Public sector Indian Overseas Bank has drawn up plans to set up 88 new branches across India this financial year, a top official has said. The city-headquartered bank under its expansion drive recently inaugurated a new branch in Nagapattinam and the 126th ATM in neighbouring Puducherry. Indian Overseas Bank Managing Director and CEO Ajay Kumar Srivastava after inaugurating the 3,240th branch of the bank at the Medical College in Nagapattinam highlighted the bank's aggressive plans, a press release said here on Friday. He stated that Indian Overseas Bank aims to open 88 new branches across India this year, with 8 branches targeted specifically in Puducherry, Cuddalore, Nagapattinam and Mayiladuthurai districts to serve the unbanked rural areas. Indian Overseas Bank is committed to introduce innovative banking products to suit customer needs. The bank's total business crossed Rs 5 lakh crore, showcasing substantial growth, the release added.

The Nifty PSU Bank Index, currently at 7,264.75, exhibits a bullish trend on the charts. However, it is approaching a significant resistance range between 7,265 and 7,365

On an index level, Nifty PSU Bank was the top sectoral performer of the day on NSE jumping 2 per cent at 7,207 levels in intraday trade