Nifty Bank Bucks The Trend; SBI Hits 52-week High

Indices after consecutive gains before and after the Budget day have give up their winning run and in today's session as well are trading flat with a negative bias. At the time of writing this copy at around 10:07 am, Nifty is down by 14 odd points holding above 17,557 points. Meanwhile, bucking the trend is the Bank Nifty index up over 0.35% and trading at 39,147.

Earlier CLSA made a forecast that Bank Nifty in the near term may touch 41,000 levels. And the primary push to the Bank Nifty index is lent by PSU Banks.

Within the Nifty Bank pack, SBI in trade has hit 52-week high price of Rs. 546.40 per share, AU Bank has also been trading close to its 52-week high price of Rs. 1421 per share.

Technicals suggest that bank Nifty outperformance as against the Nifty shall be seen for few trading sessions or weeks.

Also, Nifty PSU Bank and Nifty Private bank indices are also trading firm with some of the counters touching Bank of Baroda, Canara Bank, Federal Bank and ICICI Bank trading close to their 52-week high.

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