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Alpha India EE – Banking Sector Special
Orpheus Capitals, Feb 2011, Pages: 5
Banking sector special
Nifty made a daily Key Reversal bar near our anticipated supports at 5,200 levels. Daily RSI momentum is also turning back from the oversold territory, confirming our positive bias on the market. We are looking now at a corrective iv wave up till key resistances at 5,550-5,600 levels. Nsebank however lacks the impulsive look and seems to have completed the third Y leg down of the minor 3-3-3 correction. We have a daily RSI non-confirmation which suggests further minor positivity till at least previous highs and key Fibonacci retracement levels near 11,250. The Jiseki cycles are negative in both cases with no reversal sign yet. The current report carries two technical cases on Canara Bank and Axis Bank, the Jiseki ranking of the Indian Banks and the Jiseki ranking of the Early Economic sector.
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