HDFC Bank, ICICI Bank: Bank stocks look weak on technical charts. Stay away

A gap down close after touching 100-DMA indicates selling pressure in HDFC Bank. he counter has consistently failed to conquer 100-DMA as gap-down close has forced prices to correct even further.

NIFTY BANK: The index is losing upward momentum gradually and this may result in a sell-off if a reversal does not happen immediately. Going forward, the index faces resistance at 18,000 levels on a closing basis. A close below 17,000 may attract build-up of short positions. The current momentum indicates weakness as both the technical indicators - the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) - are trading in a negative crossover. CLICK HERE FOR THE CHART

State Bank of India (SBIN): The counter has broken the symmetrical triangle suggesting a bigger downside with bearish sentiment gaining momentum. As a new 52-weeks low is attained, further downside is imminent. The overall trend is weak as the RSI could not even conquer 50 mark during the recent upside, as per the daily chart. Now, Rs 160 becomes the resistance level that seems difficult to cross as MACD has made a negative crossover. CLICK HERE FOR THE CHART

Axis Bank Ltd (AXISBANK): The trend has turned negative after breaching Rs 380 levels on the closing basis. The immediate resistance is at Rs 350 levels and support comes in at Rs 320 levels. The sentiment is highly negative. The counter has seen an addition in volumes after the breach of Rs 380 levels. CLICK HERE FOR THE CHART

HDFC Bank Ltd (HDFCBANK): A gap down close after touching 100-DMA indicates selling pressure. This momentum got carried forward as the moving average dipped downward. The counter has consistently failed to conquer 100-DMA as gap-down close has forced prices to correct even further. The immediate support comes at Rs 800 levels, and breach of this may drag price to Rs 750 levels. CLICK HERE FOR THE CHART

ICICI Bank Ltd (ICICIBANK): The weekly chart clearly indicates at Rs 400 levels (100-weekly moving average). As the counter breached its 200-WMA with strong volume, the downside weakness has a support of Rs 265. If this gets broken, then the selling pressure is expected to accelerate as per MACD, which has fallen below the zero line with a negative crossover. CLICK HERE FOR THE CHART

IndusInd Bank Ltd (INDUSINDBK): The last eight sessions have seen the stock close in the red with major technical indicators making negative crossovers. The trend is negative and any upside should see shorting opportunities as per the daily chart. The volumes have remained stagnant with the price showing losing strength. The support stays at Rs 305 levels. CLICK HERE FOR THE CHART

Bank of Baroda (BANKBARODA): The overall trend is bearish with lower high, lower low formation as per the daily chart. Conquering Rs 45 may alter this formation. An immediate upside seems unlikely. The total volume also indicate mor dowside in the dasy ahead. CLICK HERE FOR THE CHART