For last one week each and everyone is talking about SBI, BOB and Axis bank and created handsome volume in these stocks. Even if PNB posted poor results and Charts also suggesting bearish trend . But on daily charts and weekly charts it is getting support of Fibonacci retracement level of 61.8% around 700 which is a very strong psychological support also. Support on bearish trend line in lower channel stands around 700. For last one week stock is consolidating around 710-15 which is sign of gathering strength. Though stock is sliding downside buy low volume is not supporting the downtrend more. On RSI it is in oversold zone which is now correcting and if it moves around these levels then stock will come out to normal zone and bulls may take over the trend and up move is expected very soon.
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