The Banking index has suffered a loss of 42% {from the high of 12678 (Jan08) to 7316(Mar08)} in just 45 trading sessions; worst performance vis-à-vis broader markets.
Since mid-March, the index has consolidated (5 weeks) and in the process formed a “triangle” formation on the daily charts, which depicts a “accumulation” by the strong hands. Decisive break form the “triangle” suggests a upward thrust, may be up to 9200 in the near term.
The sector has already suffered a lot, in a short span. Hence a sharp fall, may be on potential bad news could turned out to be a “good” buying opportunity for the long term bulls, rather than selling. Stop near about 8100.
April 22, 2008
Target 9200..
BSE Bankex (8580)
The Banking index has suffered a loss of 42% {from the high of 12678 (Jan08) to 7316(Mar08)} in just 45 trading sessions; worst performance vis-à-vis broader markets.
Since mid-March, the index has consolidated (5 weeks) and in the process formed a “triangle” formation on the daily charts, which depicts a “accumulation” by the strong hands. Decisive break form the “triangle” suggests a upward thrust, may be up to 9200 in the near term.
The sector has already suffered a lot, in a short span. Hence a sharp fall, may be on potential bad news could turned out to be a “good” buying opportunity for the long term bulls, rather than selling. Stop near about 8100.
The Banking index has suffered a loss of 42% {from the high of 12678 (Jan08) to 7316(Mar08)} in just 45 trading sessions; worst performance vis-à-vis broader markets.
Since mid-March, the index has consolidated (5 weeks) and in the process formed a “triangle” formation on the daily charts, which depicts a “accumulation” by the strong hands. Decisive break form the “triangle” suggests a upward thrust, may be up to 9200 in the near term.
The sector has already suffered a lot, in a short span. Hence a sharp fall, may be on potential bad news could turned out to be a “good” buying opportunity for the long term bulls, rather than selling. Stop near about 8100.
