Nifty PSU Bank which comprises 12 stocks has yielded nearly 60% in returns in the last 12 months, which is higher from 10%, 13.68% and 14.92% returns given by Nifty50, Nifty Bank and Nifty Private Bank, respectively, during this period. The story remains the same over 6 months, 1 month and the most recent week.
"Last week, markets continued to witness selling pressure, with the indices closing in the red for the 3rd consecutive week. Weak global cues amidst inflationary concerns, with profit booking at higher levels, continue to weigh upon the investor sentiment. Most of the leading Nifty heavyweights, with the exception of Reliance Industries, ended in the red."
Experts say investors should focus on market fundamentals rather than the RBI s monetary policy announcement on 10 August. Analysts believe investors should focus on stock market fundamentals and India s strong growth prospects, rather than central bank actions.
Technically speaking, there is clearly a very intense tussle going on between the bull and the bear camp, as evident on the charts. At the same time, there are some bearish patterns on weekly charts, both on Nifty & Bank Nifty, indicating that for now, the bulls will have to be content with the recent tops not being breached easily. However, the saving grace is that the downside also appears to be strongly supported around last weeks low.