The market made a new Low - 5430 & closed @ 5440 (down 58) and Sensex closed 18142 (down 202).
Another 2r days of fall should take the market to around 5350 & sensex 17800.
This level would be good time to start buying stocks - in phases as the downside after this may be only around 2- 3% - whereas the upside could be over 10%.
Todays star performer was State Bank of India - which announced its Q4 results - Net Profit @ 21 crores against the previous yr Q4 of 1867 cr - down 99%. This was mostly due to higher provisioning against bad loans by 1097 crore (3284 cr against 2187 cr).
Well Mr Bhatt seems to have done well @ SBI - to leave the bank with probably the worst Q4 result in a decade. The share price went below 2,400 - down 8%.
Based on this SBI result - all the banks (specially the PSU) took a tumble - this week one can expect most of the PSU banks to tank a bit (may be a lot) more.
Looks like most of the banks are due for correction in price by around 10% from the current levels.
Another 2r days of fall should take the market to around 5350 & sensex 17800.
This level would be good time to start buying stocks - in phases as the downside after this may be only around 2- 3% - whereas the upside could be over 10%.
Todays star performer was State Bank of India - which announced its Q4 results - Net Profit @ 21 crores against the previous yr Q4 of 1867 cr - down 99%. This was mostly due to higher provisioning against bad loans by 1097 crore (3284 cr against 2187 cr).
Well Mr Bhatt seems to have done well @ SBI - to leave the bank with probably the worst Q4 result in a decade. The share price went below 2,400 - down 8%.
Based on this SBI result - all the banks (specially the PSU) took a tumble - this week one can expect most of the PSU banks to tank a bit (may be a lot) more.
Looks like most of the banks are due for correction in price by around 10% from the current levels.
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