Mitessh Thakkar of mitesshthakkar.com on Wednesday advised, "I would say this may not be the most refined entry point. We have talked about ICICI Bank when the stock was around Rs 285-290. It came out with very good quarterly numbers, I think that was the starting point of the trend. We will eventually see higher levels on the stock. I think Rs 360-380 is what the medium to longer term charts suggest. However, as I said, this may not be the best entry point, so I think you might want to wait on that."

He added, "Coming to Axis Bank and State Bank of India (SBI), I think they have their own individual patterns. Axis, I don’t still think that is ready for a bigger reversal. I would want to see the stock get past Rs 530. That could trigger some kind of a medium-term trend."

"I have few sells calls today. RBL Bank is a sell. I think it is slipping below key averages. So, if it doesn’t get past Rs 533 that being the stoploss, I would look for target of around Rs 430. Steel Authority of India (SAIL) is continuing a negative pattern. So, most likely should decline further and Rs 53 is the target and Rs 58 is the stoploss." he said.

 

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