Why #Banknifty maybe headed to new lows

What we saw today is the last subwave v of the first leg (wave1) of the downward move. This should terminate a few hundred points lower and start a wave 2 correction and then the really rapid acceleration down in wave 3 which will "surprise" everyone.
The story is clear - the trend has turned. We should expect new lows in this index and then it should reconcile with the economic condition on ground.

All Banking stocks are sporting corrective rallies that have ended - there will be no respite whether you are HDFC,ICICI,Axis, SBI, or a Bank of Baroda