BoI, PNB, IOB: 5 PSBs form 'falling knife' pattern; charts say stay away

State Bank of India is the only stock that has bucked the trend. The stock has amplified investors' wealth by 250 per cent in the last five years and 550 per cent in the twelve-year period

The Nifty PSU Bank index has tumbled 48 per cent from its peak of 4,639.90, recorded just months after its debut in 2011. The index since its inception has been on a downward ride and largely under-performed the broader market. 

Further, the index had cracked to a record low of 1,078.45 during the May 2020 Covid-19 led meltdown.

The Nifty PSU Bank index consists 12 state-run banks namely - Bank of India (BoI), Indian Overseas Bank, Central Bank of India, Punjab National Bank, UCO Bank, Union Bank of India, Punjab & Sind Bank, Bank of Maharashtra, Bank of Baroda,