Technical Analysis of Indian Equities by Nooresh

Bank Nifty and Private Banks Charts

This has been one unusual move in Banks.

We have a bunch of PSU banks going down the drain and you have the following 4 hitting almost new all time highs and 12-18 month highs. Also at the same time ICICI Bank continues to lag and Axis has seen a good recovery.

Such has been the move that even HDFC Bank the least volatile one is also up 20-23% from the lows.

HDFC Bank

HDFC Bank

Indusind Bank

IndusindBank

Kotak Mahindra Bank --- Not far from the alll time highs.

Kotak Mahindra

Yes Bank --- What a move from the lows.

Yes Bank

 

 

 

At the same time because of other banks like ICICI AXIS and PSU the Bank Index continues to struggle at the channel top.

Bank Nifty

As of now the trend is positive on the above 4 banks ... One should ride on with strict trailing stoplosses.

Most of these names are up 20-35% from the lows and very rarely we see a 52 week high convert to a 52 weeks low in short time. So these charts slowly suggest that the recent bottoms in Bank Nifty could be a very strong bottom for a long time to come.

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Article by Nooresh Merani

Nooresh has written 2754 articles.

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