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PSU Bank Index

The NSE PSU Bank index completed a 3 wave bounce back in wave 4 and started to decline again from the 40day average. Wave 5 down may have started and 5=1 goes down to 2500 on the index from 2941 today. However I will not rule out wave 5 extending. Fibonacci extentions for wave 5 go to 2220, and the neckline break at 2956 has a long term pattern projection to near 2000. Essentially the small bounce back in these banks is over as the result season kicks in. 

psu banks 130418

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