“If we look at the constituent heavyweights like SBI, Bank of Baroda, PNB, IOB, Canara Bank and Indian Bank, which form around 75% of the index, they are trying to make a base around the 61.8% Fibonacci retracement level and the average RSI of these stocks is around 44. All these are hinting at a near-term bounce back which could possibly gain pace in the second half of next week.”
