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Nifty Bank Outlook Index Under Pressure; PSU Bank Stocks Should Be Sold For Gains

Overall, pressure on the banking industry persisted following the Fed meeting and RBI MPC decision. Due to increased call option writing at higher strikes, according to OI statistics, there may be more triggers in the private banking sector the following week. The main trend appears to have run its course. To deal with volatility, traders must employ option methods. At current prices, short-term investors may stockpile high-quality banking stocks.

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Nifty Bank Outlook Index Under Pressure; PSU Bank Stocks Should Be Sold For Gains

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  1. Search here ...  Nifty Bank Outlook: Index Under Pressure; PSU Bank Stocks Should Be Sold For Gains    Home - Markets - Nifty Bank Outlook: Index Under Pressure; PSU Bank Stocks Should Be Sold For Gains   Markets  December 26, 2022       

  2. Following a signi몭cant selloff in international markets, domestic stocks saw extreme volatility throughout the last week. The week’s high for Nifty Bank was 43,614.65, but it 몭nished at 41668.05, down 3.59 percent.  Currently, the index has fallen below the 50-DMA’s level of support, signalling potential short-term decline. The levels between 40,600 and 40,000 now provide the index with immediate support. 43,000 is designated as the index’s resistance level.  The MACD indicator and the RSI momentum indicator are both slanting downward.  They predict Kotak Mahindra Bank to be a top contender among private banks. SBI can still maintain the lead among PSU banks.  Nifty Bank December futures traded at a premium of 78.5 points in the options market.  The biggest open interest (OI) concentration in the Nifty Bank Put options distribution is near the 40,000 strike, which may provide support for the current expiry. Nimble Bank Signi몭cant OI concentrations were seen during the call strike at 43,000, which may provide as resistance for the present expiration.  The index has established a bearish Engul몭ng Pattern on the weekly chart, signalling more selloff is anticipated in the upcoming week. A sudden reversal, though, cannot be ruled out.  PSU bank stock prices are slipping. It would be wise to take pro몭ts now and hold off until entry levels are favourable.  Conclusion  Overall, pressure on the banking industry persisted following the Fed meeting and RBI MPC decision. Due to increased call option writing at higher strikes, according to OI statistics, there may be more triggers in the private banking sector the following week.  The main trend appears to have run its course. To deal with volatility, traders must employ option methods. At current prices, short-term investors may stockpile high-quality banking stocks. 

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