The Indian benchmark had a flat opening in morning today and performing lackluster as index is trading in a narrow range after erasing 151 points in previous trading session. Global and Indian markets are trading cautious as U.S. Federal Reserve’ Monetary Policy Committee will come up with rate’s decision on Wednesday. Vedanta, Zeel and Indusind Bank are top gainers while Indiabulls Housing Finance, Yes Bank and Bharti Infratel are top losers. All indices are following the benchmark index and performing lack luster while Nifty PSU Banks gained the most, currently trading at 3,032.15, 0.86% above from its previous close. On daily scale, Nifty PSU is trading in a ‘Symmetrical Triangle’ pattern, which signals for indecisiveness in the sentiments of market participants. The index has been bounced back after sensing support from 200 days Simple Moving Average and expected to find resistance near 3,344.90 levels. RSI is trading at 42.34 levels and pointing for a consolidation while Stochastic oscillator is trading in an oversold zone. Although Stochastic 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.
- Syndicate Bank: Top gainer in PSU banks is trading at 36.30, 2.98% above from its previous close. The stock is trading above 30 days Exponential Moving Average.
- Union Bank of India: The stock is trading at 74.05, 2.21% above from its previous close. The bank is expecting to raise Rs. 6,000 crores this fiscal year. The bank is also expecting 3,000-3,500 crores from National Company Law Tribunal accounts.
- Canara Bank: Leading PSU bank has gained 1.86% in today’s session. The bank is expecting to raise Rs. 6000 crores via Qualified Institutional Placement. The bank si trading above 30 days Exponential Moving Average.