Here's why Ravi Nathani is bullish on Nifty Private Bank, PSU Bank indices

According to the technical analyst, Nifty Private Bank exhibited a bullish pattern, supported by technical indicators, indicating a positive outlook for traders in the short term

Nifty Private Bank
Last close: 20,558 (Bullish)

As the inex trades at 20,558, it experienced a minor dip upon opening, but managed to recover throughout the day, and close near day's high levels. This pattern, therefore, suggests that the index is poised to outperform in the near term.

Upon analyzing the technical indicators, the index is found to be in close proximity to the Bollinger lower band, and the MACD histogram indicates a positive divergence.

Considering these factors, the most effective trading strategy for traders in the near term would be to purchase the index and its constituents at