If SBI were to fall below 1900, then you can see a sharp cut coming in there. It could actually test 1830 to about 1820. ICICI Bank has the critical support level. At the moment, it is standing at 850 and if it were to fall below 847-843 kind of support area in my chart, I would say that ICICI Bank can fall to another 25 points to something like 820.
Among the other private sector banks, I would say Axis to me looks to be the weakest. If it were to fall below say 1070, then you will see 1050 being breached. I would say that maybe HDFC Bank would be a better choice because it has come close to a major support area around 450 but, one should ideally wait for declines and do not buy into this market thinking that they are big bargains because we have seen that any upswing is not really holding. We can see further fall going forward.
