NEW DELHI: Most private bank stocks were trading with decent gains in afternoon trade on Monday, keeping the sectoral index up.
The Nifty Private Bank index was trading 1.65 per cent up at 16,076 around 12:50 pm.
IndusInd Bank (up 1.56 per cent), Kotak Mahindra Bank (up 1.55 per cent), Axis Bank (up 1.44 per cent), IDFC Bank (up 1.39 per cent) and HDFC Bank (up 0.33 per cent) too were in the positive terrain.
However, Federal Bank (down 0.18 per cent) was incurring losses around that time.
Sensex and Nifty were trading higher amid positive global cues and healthy gains in banking, metal and FMCG stocks.
The NSE Nifty50 index was up 124.30 points at 11,681.40, while the BSE Sensex was up 436.09 points at 38687.89.
Among the 50 stocks in the Nifty index, 44 were trading in the green, while 6 were in the red.
Momentum indicator Moving Average Convergence Divergence (MACD) showed bullish crossover on 50 stocks on NSE, including NMDC, Balrampur Chini, Adani Transmission, Usha Martin and Dhampur Sugar.
However, the MACD indicator alone may not be sufficient to make an investment or trading call.
Traders should make use of other indicators such as Fibonacci series, RSI, candlestick patterns, Bollinger Bands and stochastic to confirm any trend.
It is advisable to consult a financial expert before taking any buy or sell call on a stock based on chart reading.