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Momentumisers: City Union Bank outperforms Nifty; here’s why

Updated : April 08, 2021 10:25 AM IST

City Union Bank has outperformed Nifty. It gained 6.7 percent on Wednesday compared to 0.92 percent gains on the Nifty and 1.5 percent gains on the Bank Nifty.

On weekly momentum, the stock is up about 2.7 percent compared to a decline of 0.3 percent in Nifty and on monthly momentum, the stock is up about 6.1 percent when compared to Nifty being up less than 0.9 percent.

On the key technical level, the stock is trading between 20-day moving average (DMA) and 50-DMA. It has bounced from its recent 200-DMA of Rs 155 per share. The key support is seen in the range of Rs 158 to Rs 161 per share. Therefore, good momentum is expected in the stock.

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