The index has fallen 32% since January, against an 8.2% decline in Nifty50
That apart, NBFC stocks such as Bajaj Financial Holding, Bajaj Finserv, M&M Finance, Choldamandalam Investment and Finance Company, and Bajaj Finance tumbled up to 5 per cent
Quality stocks in banking and financial services sector are still available at attractive valuations
Here's a look at what major technical indicators suggest for Nifty Bank and its key constituents and what should be your trading strategy
The gains come after huge selling pressure and consequent under-performance of banking stocks since the start of March
A gap down close after touching 100-DMA indicates selling pressure in HDFC Bank. he counter has consistently failed to conquer 100-DMA as gap-down close has forced prices to correct even further.
The rally was mostly due to positive global cues that saw the US markets close firm on Monday on hope of an economic recovery after a successful early-stage trial of a coronavirus vaccine
Of 30 constituents, 20 declined and 10 advanced. Mahindra & Mahindra ended as the top loser on the index while telecom major Bharti Airtel was the biggest gainer
Sectorally, IT stocks took the biggest knock as the Nifty IT index declined 3.5 per cent to 13,293.70 levels. Nifty Bank lost 566 points or nearly 3 per cent to 19,068.50 levels
Sectorally, banking stocks rallied the most. The Nifty PSU Bank index jumped over 6 per cent to 1,238.05 while Nifty Bank climbed over 4 per cent to 19,635
Premium growth and persistency ratio could be impacted in the near term, but overall performance may be ahead of other BFSI players
In the last one month, the Nifty Bank has tumbled 24.7 per cent as compared to Nifty's 23.64 per cent fall. Here are key levels for frontline banking counters.
In general, the exposure of banks to the entire telecom sector ranges between 10% and 30% of their total equity with Yes Bank having the highest exposure of 29% amongst private banks
Technical Calls by Gaurav Garg, Head of Research at CapitalVia Global Research Limited- Investment Advisor
Investors, however, booked profit at most banking counters with shares of SBI, Axis Bank, HDFC Bank, YES Bank, Punjab National Bank, Bank of Baroda, and The Federal Bank down up 2.7 per cent.
Here's a look at what technical charts indicate for Nifty Bank and key private banks.
Gains from the corporate tax cut last month, they believe, are likely to be offset by lower sales volume and revenue contraction in key sectors such as automobiles, energy, metals, and mining.
For Airtel, keep a stop at 356 and go long. Add to the position between 363-364. Book profits at 365.
Hot stocks to lookout for today: HCL Tech, Coal India, Hindalco
YES Bank, Bank of Baroda, SBI, IndusInd Bank, and RBL Bank are amongst the banks most prune to "high risk" emanating from Anil Dhirubhai Ambani Group (ADAG), Cox & Kings, CG Power, and DHFL