STATEBANK-Looks weak

STATEBANK looks weak after Gap-Down after results were announced, and this Break away gap has a downside target of Rs.2809 in my view. Banking as a sector has been outperforming the market; and giving a negative view is very difficult as banking stock have defied all logic, charts and fundamentals.

SBIN being a largest PSUBANK will the right issue be the trigger?http://in.reuters.com/article/idINIndia-52832220101111 State Bank of India Chairman O.P. Bhatt on Thursday said the government is likely to decide on the bank's rights issue this month. Bhatt, speaking at a banking seminar, said the bank intends to raise 200 billion rupees ($4.5 billion) via the rights issue.