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Alpha India EE – The Indian Banking Sector
Orpheus Capitals, March 2011, Pages: 6
The Indian Banking sector
Although NSEBANK has broken 11,200 resistances and the structure looks like a valid inverted head and shoulders, we are looking at the current upmove as another minor leg up which should complete near 11,700-12,000 levels. Most of the Indian banks are at high rankings (10 out of 15 are ranked above 80%, 8 out of 15 are ranked above 90%, 14 out of 15 are above 50%). This means that we are waiting for potential short signals among these stocks. Punjab National Bank, Bank of India, Icici Bank, HDFC Bank, Bank of Baroda, Canara Bank are the best and should start underperforming soon. If you are looking at buying Indian banking stocks, Indian Overseas Bank is the one which could have a larger move up. It is the only one ranked sub 50% and the weekly structure suggests a potential retest of previous intermediate highs. The Punjab National Bank case Prices reached 0.382 Fibonacci resistances and previous w circle wave lows near 1,140 levels. The minor structure looks like a completing corrective X wave up which could extend higher till 1,170-1,230 levels.
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