has taken a near 20% hit since the beginning of this year due to bearish
economic outlook as well as a massive burden of 7 lakh crore + NPA. The budget has been published and the government has pledged to recapitalize PSUs by a measly 25k
crore for now. I believe that the banking sector is yet to see its real lows however for the time being a stabilization in sentiment and a retrace from the fear induced overselling should push banknifty
closer to the 15.5k range before it makes its next leg down. There is also a possibility that it can break out of this downwards channel and test supply zone
at 17k depending on sentiment in the coming months. Within 2 years I expect banknifty
to reach lows well below 10k.
First TP 14.8. Second TP 15.5. Third TP 17k. SL @ 12.6