Banking stocks look weak: Salil Sharma

Banking stocks is looking weak, says Salil Sharma, Technical Analyst, Kapur Sharma & Co.

Sharma told CNBC-TV18, "I was also zeroing in on Bank Nifty which is made a kind of descending triangle. A fall below 9980 on that index would mean a quite a preceptors call below that. State Bank chart is also identical. In State Bank a fall below Rs 2035 where 200 DMA rise is going to make it very weak and similarly incase of ICICI Bank in that a fall below Rs 850 or a closing below Rs 850 will make it weak. So banks in general are weak and specifically the PSU banks."
ICICI Bank trailing 12-month (TTM) EPS was at Rs 44.73 per share. (Dec, 2011). The stock's price-to-earnings (P/E) ratio was 19.11. The latest book value of the company is Rs 477.90 per share. At current value, the price-to-book value of the company was 1.79. The dividend yield of the company was 1.64%.