Building position for Range reversal move - Tranche 1 of 28 shares at 904
Please note SBI cards is not showing bullish momentum currently, but because of excellent fundamentals, I have started to build a position
1. Market is in what stage - Identified by what kind of highs and lows that are being formed + movement of price w.r.t 21, 50 and 200 EMA
Price topped out in Feb 2021, since then in range of 1100 to 900.
Currently price lower than 21, lower than 50, lower than 200
2. Is there any trend reversal in play?
1. Multiple divergence confirmations on MACD , RSI and MFI? No, but divergence on RSI and MFI
2. At important support or resistance - horizontal - Yes bounce from 860 zone
3. At important confluence of EMAs + price + support - No - Below Daily 200 and Weekly 50
3. How are the candlesticks behaving and what is the volume doing
Candlesticks - No clear behaviour
4. Is there any trend continuation in play?
Currently in Accumulation in my sense... should do a range reversal in the coming days
5. Is there any pullback or breakout in play with volume confirmation from a strong horizontal level (support or resistance)
No
6. Fundamental factors in play
1. EPS growing quarterly and yearly due to revenue growth OPM is down... PE is lowest compared to EPS growth since 2021
2. Are institutional investors/promotors increasing their stake - Institutional, domestic have increased stack and public have decreased stake while promoters have remained stable
Please note SBI cards is not showing bullish momentum currently, but because of excellent fundamentals, I have started to build a position
1. Market is in what stage - Identified by what kind of highs and lows that are being formed + movement of price w.r.t 21, 50 and 200 EMA
Price topped out in Feb 2021, since then in range of 1100 to 900.
Currently price lower than 21, lower than 50, lower than 200
2. Is there any trend reversal in play?
1. Multiple divergence confirmations on MACD , RSI and MFI? No, but divergence on RSI and MFI
2. At important support or resistance - horizontal - Yes bounce from 860 zone
3. At important confluence of EMAs + price + support - No - Below Daily 200 and Weekly 50
3. How are the candlesticks behaving and what is the volume doing
Candlesticks - No clear behaviour
4. Is there any trend continuation in play?
Currently in Accumulation in my sense... should do a range reversal in the coming days
5. Is there any pullback or breakout in play with volume confirmation from a strong horizontal level (support or resistance)
No
6. Fundamental factors in play
1. EPS growing quarterly and yearly due to revenue growth OPM is down... PE is lowest compared to EPS growth since 2021
2. Are institutional investors/promotors increasing their stake - Institutional, domestic have increased stack and public have decreased stake while promoters have remained stable
Comment:
Fantastic Q3 2021 results (net profit increase + revenue increase) adding more here - 31 @ 867
Comment:
Added 33 More at 786
Comment:
Fantastic Q4 profit up 3X - Buy Buy
Comment:
Added 82 more at 735
Trade closed manually:
Exited trade at 857 on 19 July 2022 at 7.8% profit