The script had formed a symmetrical triangle on top of a pole. The Q1 result on August 6 is likely to initiate a rally. SBI usually announces results during market hours (around 2 to 2.30 pm). With most good companies missing estimates with the Q1 result, can we expect SBIN to support the market?
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Beautiful breakout as anticipated. Risky traders can go long now. Good to buy at 425 to 435 levels when it retraces. Right now staying positive about the Q1 results.
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Sorry guys. As Mr. Ravinder11 pointed out, the SBIN Q1 results are on 4th august. Expect the same pattern in charts but two days ahead. I'm expecting a fall in nifty and bank nifty on Monday and Tuesday which will be recovered on Wednesday and Thursday by SBIN results. I'm planning to enter SBIN at 425-435. Be careful with your stop loss as the script is known to dance well (stop loss hunt) on the day of results.
Trade closed: target reached
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Pheww! Hope you guys enjoyed this... Breakout, retracement, and the rally exactly as predicted. (In the chart I had drawn for 6th august but later I had changed the update after the correction in result date as pointed out by Mr. Ravinder.