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Nifty PSU Bank Outperforms; Long Term Trend Looks Bullish
The Indian markets in trade on May 4, 2022 are trading with losses with Nifty down by 136 points or 0.8% at 16932. This is as the liquidity probably must have found way into the LIC IPO. Furthermore, the sentiments have taken a hit as investors brace for the biggest rate hike by the Federal Reserves since 2000. Bank Nifty too is under pressure with loss of 0.62%. Also, the broader markets are still faring better with a cut of 0.49%.
Sectorally, it is a sea of red with all sectoral indices in the red barring Nifty PSU Bank and Nifty IT. At around 12:13 pm, Nifty PSU Bank is up by 0.6%, with 6 constituents of the 13 trading in the green including Canara, Central Bank, Bank of Baroda, Indian Bank, PNB and Maharashtra Bank. Further, IOB and J&K are trading flat, while 5 others including SBI, Union Bank, UCO Bank, Bank of India and Punjab and Sind Bank trade with a mild cut of up to more than 1%.
Currently NIFTY PSU BANKS index is trading above 200 days exponential moving average and suggests long term trend is bullish. Expert predicts range for the week is seen from 2675 on downside and 2850 on upside.
