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The Nifty50, which started on a positive note, failed to keep the momentum going on Wednesday as D-Street got hit by fraud detected in Punjab National Bank, which weighed on the PSU Banking pack. The Nifty formed a bearish candle and a bearish engulfing pattern on the daily charts.
Punjab National Bank's share price slipped 9.8 percent to Rs 145.80 after the bank detected some fraudulent transactions worth Rs 11,300 crore in its Mumbai branch. Selling pressure extended in the last one hour of trading towards most of the PSU banks.
The Nifty closed below its short-term moving averages of 5-days exponential moving average (DEMA) and 50-DEMA. A break above 10,600 could turn the tables in favour of the bulls while a close below 10,398 could extend the selling pressure, which could take the index towards 200-DMA.
Traders are advised to stay light and cautious as the index could well swing in either direction. It witnessed a short covering rally on Monday but a sharp selloff on Wednesday could well put bears on the driving seat.
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