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Price-volume action in banking stocks signal resurgence; PSU lenders outperform

Technically, PSU Banking stocks look strong on daily and weekly charts, and these stocks can outperform going forward. Breakout occurred long back, and the stocks are resuming their uptrend.

March 06, 2024 / 14:01 IST
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Representative image

The Nifty Bank index saw an upsurge this week, driven by fresh triggers for a rally banking stocks, and eventually leading to a breakout on largecaps and a resurgence of up-move in PSU banks.

Despite strong selling pressure on stocks of public sector undertakings on February 6, state-run banks showed resilience and relative outperformance, aided by robust trading volumes.

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The chart below illustrates that Union Bank, Bank of India, Central Bank, PSB, and Maharashtra Bank stand out as the top volume gainers in the Nifty PSU index on March 6.