Synopsys: I believe banks are poised for short and medium term correction. I have mega bearish on SBIN the main bellwether of banks and major contributor to Bank Nifty. I believe SBIN is in FLAT structure (Elliott Wave Theory) and have complete Wave A:3-Down (from 2007 to Mar 2009) and Wave B:3-Up (from Mar 09 to Dec 10) and is poised for Wave C:5 Down and possibly can reach lows of 1000. The Current price is 2145. Similarly i believe Bank Nifty shall follow suit.
ALL COMMENTS POSTED ON CHARTS
Chart attached : Bank Nifty, State Bank of India, HDFC Bank, IDBI, ICICI Bank, Oriental Bank
State Bank of India: EOD Long Term Chart
SBIN Intraday Hourly Chart:
These studies are based on technical analysis and the author nor the webpage shall be responsible for the profits or losses. The author may or may not have personal holding. Take you own trading decisions. These my views based on my studies. Do your own study and consult your own advisor. Use stop loss or be screwed. We are all students