Nifty PSU Bank Index in Consolidation to Bearish trend
Nifty PSU Bank Index has been in correction mode since Jun 2024
It touched a peak value of 8053 on Jun 3, 2024.
However, it fell from the peak to 6443 the next day due to the Lok Sabha election result.
Since then, it has been trading in a tight range between 7640 and 7082 till the first week of Aug 2024.
Currently, the Nifty PSU Bank Index trades in a sideways market between 7082 and 6443.
RSI is showing weakness.
20 EMA is trading below 50 EMA, indicating a bearish trend.
Support levels: 6443, 6094, 5423
It touched a peak value of 8053 on Jun 3, 2024.
However, it fell from the peak to 6443 the next day due to the Lok Sabha election result.
Since then, it has been trading in a tight range between 7640 and 7082 till the first week of Aug 2024.
Currently, the Nifty PSU Bank Index trades in a sideways market between 7082 and 6443.
RSI is showing weakness.
20 EMA is trading below 50 EMA, indicating a bearish trend.
Support levels: 6443, 6094, 5423
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