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Nifty PSU Bank index is looking weak and has been stuck in a lower top lower bottom cycle for the past May 2017. Since hitting high of 3829, the index has witnessed selling pressure on every rally.
Daily chart analysis indicates that the index has constantly traded below its crucial short-term medium term and long term moving averages. The 21-DMA has acted a stiff resistance point as the index has failed to surpass the same.
In addition, the PSU bank index has also witnessed a Death-Crossover, which means that the 50-DMA has crossed below the 200-DMA indicating further weakness.
The index is also on the verge of a channel pattern breakdown. It has been stuck in a trading range between 3000 and 3120 for the past two weeks. A break below the lower end of the trading range would confirm the breakdown post which fresh downside is on the cards.
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