Surge in crude oil prices, UBS’S slashed targets of Yes Bank and Indusind Bank due to which former has cracked 12% while latter has plunged 8% today has thrust the market downside and Nifty50 erased almost 90 points. The index had a negative opening in today’s session and hammered down more after crude oil prices spiked as two tankers of oil were attacked. All indices are trading in deep red while Nifty PSU Banks lost the most, currently trading at the psychological level of 3,000, 2.5% below from its previous close. The index had a gap down opening today and continued to fall after slipping below its strong support that was placed at 3,045 levels on daily scale. On daily scale, the index is trading below 30 days Exponential Moving Average. RSI is hinting for more downside showing no signs of divergence and oversold. Awesome oscillator has given a bearish crossover. Although Awesome oscillator and RSI are not the only indicators to dictate the future prices, one can make use of other tools like Fibonacci, Andrew Pitchfork, Chart and Harmonic Patterns.
Some stocks of this counter are also witnessing heavy volumes and momentum that are convincing the emerging trend.
- Jammu Kashmir Bank: Top loser in today’s session is trading at 41.70, 5.03% below from its previous close. Reserve Bank of India approved R K Chhibber as appointment for CMD. The stock is trading below 30 days Exponential Moving average.
- Punjab National Bank: Leading PSU bank is trading at 76.25, 3.71% below from its previous close. The stock is trading below 200 days Exponential Moving Average.
- Canara Bank: The stock is trading at 259.5, 3.35% below from its previous close. There has been a block deal of 546,113 shares on May 30, 2019. The stock is trading below 150 days Simple Moving Average.