ICICI Bank, HDFC Bank, SBI: Will Tuesday's recovery in bank stocks sustain?

As the Nifty Bank index shows a negative reversal, the banking stocks are struggling to conquer their respective resistance levels.

Banking stocks took a heavy beating on Monday with the Nifty Bank index tumbling over 8 per cent. On Tuesday, however, the stocks showed some recovery with the index trading nearly 0.5 per cent higher. 

Here's a look at what technical charts indicate for Nifty Bank and its key constituents 

NIFTY BANK: This index is highly resistant at 38.20% Fibonacci retracement as per the daily chart. The recent high of 21,967 suggests the retracement level of 22,050 holds a strong hurdle for the coming sessions. The overall momentum indicates “sell on rise” strategy with selling pressure emerging on every possible