{"id":3246,"date":"2013-08-02T09:14:12","date_gmt":"2013-08-02T03:44:12","guid":{"rendered":"https:\/\/blog.fundsindia.com\/blog\/?p=3246"},"modified":"2019-06-06T19:49:11","modified_gmt":"2019-06-06T14:19:11","slug":"cnx-psu-bank-index-more-pain-left","status":"publish","type":"post","link":"https:\/\/www.fundsindia.com\/blog\/equities\/cnx-psu-bank-index-more-pain-left\/3246","title":{"rendered":"CNX PSU Bank Index: More Pain Left"},"content":{"rendered":"<p style=\"text-align: justify;\">The disparate performance of the stocks from the private and public sector space was a striking feature of yesterday&#8217;s trading. While the likes of Kotak, Axis and IndusInd managed to settle in the green, PSU heavyweights SBI, Punjab National Bank and Bank of Baroda were relegated to losers list. It would therefore not be out of context to have a look at the NSE&#8217;s CNX PSU Bank index.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2013\/08\/PSU.png\"><img loading=\"lazy\" class=\"alignleft size-full wp-image-3247\" src=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2013\/08\/PSU.png\" alt=\"PSU\" width=\"1300\" height=\"636\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2013\/08\/PSU.png 1300w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2013\/08\/PSU-300x146.png 300w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2013\/08\/PSU-1024x500.png 1024w\" sizes=\"(max-width: 1300px) 100vw, 1300px\" \/><\/a><\/p>\n<p style=\"text-align: justify;\">From the daily chart of the PSU Bank Index, it is apparent that the downtrend has been in force and the momentum behind the fall has accelerated in the past few weeks. The price has moved within the confines of red pitchfork lines. The next target could be the lower parallel of the red fork at 1,820-ish.<\/p>\n<p>We suggest investors stay clear of the PSU banking space. The index has to move above 2,680 to justify the case for buying PSU Banks. Until then, sell on rally is what we suggest. Those interested in trading may await a pull back in the index and consider shorting in liquid stocks. Any pull back to 2,560 and beyond would present a shorting opportunity with a stop above 2,680 for a trip to 1,820.<\/p>\n<p style=\"text-align: justify;\">Await an update on the FMCG Index soon.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The disparate performance of the stocks from the private and public sector space was a striking feature of yesterday&#8217;s trading. While the likes of Kotak, Axis and IndusInd managed to settle in the green, PSU heavyweights SBI, Punjab National Bank and Bank of Baroda were relegated to losers list. It would therefore not be out [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[59],"tags":[114,89],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v17.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>CNX PSU Bank Index: More Pain Left<\/title>\n<meta name=\"description\" content=\"Though the PSU banks have taken a sharp knock in the recent months, we see further downside. Stay clear of this space is the message.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fundsindia.com\/blog\/equities\/cnx-psu-bank-index-more-pain-left\/3246\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CNX PSU Bank Index: More Pain Left\" \/>\n<meta property=\"og:description\" content=\"Though the PSU banks have taken a sharp knock in the recent months, we see further downside. 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