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On the technical charts, the RSI of the stock stood at 67.98.

The Nifty Bank index closed 0.07 per cent up at 43260.65.

"Our preferred portfolio stance has been India-centric growth sectors like, financials, consumer discretionary and industrials for much of this year and this largely stays but pockets of value have started to emerge in some of the global-oriented sectors such as technology, pharmaceuticals, and commodities. Some of these would also receive support to their earnings from a weak currency."

With just one month to go, 2022 continues to be one of the most punishing years for investors. Dip buyers kept getting lured back by violent bounces, only to see shares drop to fresh lows. Outside commodities, almost every major financial asset lost money. Even trades that once worked as a hedge during market crashes, such as buying put options on the S&P 500, fell flat.

Among Sensex stocks, Maruti, Power Grid, TCS, UltraTech Cement, Asian Paints and HDFC were the top losers, falling around 1-2%. ICICI Bank, Bajaj Finance, HUL, Nestle, L&T and M&M also opened lower.

“PSU banks are losing their competitive edge in terms of getting low cost deposits. It is a few months of a goldilocks scenario for banks, where credit growth is high. They have not been required to increase deposits because liquidity was strong and the balance sheets do not have NPA issues. Eventually, one or two years down, we will see NPAs come back in most of these PSU banks as rates become higher. ”

Moreover, the rebound in shares has not been broad-based, as most midcap stocks remained out of favour. On a YTD basis, stocks like Emami, Marico, and Godrej Consumer Products have given negative returns.

Sensex, Nifty ended on a higher note on Thursday as the gains were trimmed on the back of profit booking on higher levels.

"I am not overly optimistic for options data. FIIs have been heavily long, so, the best thing is to keep booking profits at regular intervals and keep tight stop losses in place. I think a correction from these levels would be a welcome change as it will attract more money into the market and make the structure more robust for further highs."

After topping the $17,000 mark, Bitcoin again slipped below this key psychological level. All other top crypto tokens were trading lower. Dogecoin plunged the most, down 6%, followed by a 4% drop in Solana and XRP each. BNB also tumbled by 3%.