Business

Nifty Bank | Nifty Bank index: Nifty Bank index in bear grip, weakness may continue in the near term

By Lawrence Booth
0

Technical charts indicate a head and shoulder top formation for the Nifty Banks index reflecting a possibility of a sustained weakness in the near term.

Synopsis

The index slipped into the bear territory for the first time since March 2020. The near 21% fall in the bank index is sharper than the 14% drop in the benchmark Nifty 50 from the peak levels.

The Nifty Bank Index has technically entered a bear market after falling by more than 20% from the peak on growing concerns that higher energy prices may curtail India’s GDP growth. The index slipped into the bear territory for the first time since March 2020. The near 21% fall in the bank index is sharper than the 14% drop in the benchmark Nifty 50 from the peak levels.

The pressure on banking stocks also affects the broader Nifty 50 index

BY

ET Bureau

2 mins read, Last Updated:

  • GIFT ARTICLE
  • FONT SIZE

    AbcSmall

    AbcMedium

    AbcLarge

  • SAVE
  • PRINT
  • COMMENT

Why ?

  • Exclusive Economic Times Stories, Editorials & Expert opinion across 20+ sectors

  • Stock analysis. Market Research. Industry Trends on 4000+ Stocks

  • Clean experience with
    Minimal Ads

  • Comment & Engage with ET Prime community

  • Exclusive invites to Virtual Events with Industry Leaders

  • A trusted team of Journalists & Analysts who can best filter signal from noise

Read original article here

Denial of responsibility! Verve Times is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials, please contact us by email – [email protected]. The content will be deleted within 24 hours.

Lawrence Booth 19852 posts 0 comments

Lawrence Booth was born in Indiana and raised in Oklahoma, except for the time when he moved back to New York and attended high school there. He studied History and Literature at the IT University. He began writing his debut novel after obsessing over books about Politics. When He's not writing, he can be found wandering through nature or journaling at a coffee shop. Lawrence is the author of The Loud of Bones and The Forest of Rich Girls, and currently lives in Agra with His Wife and Son.

Leave a comment
Hello,