Science Backed by Data[SBIN Series]: SBIN looks Bullish

SBIN looks bullish on 15 min chart with ichimoku cloud showing bullish breakout. RSI looks to be trending bullish. Initial immediate targets looks 192.10/194.55 with immediate Stoploss of 187.25 for risky traders or for brave traders 186.30/185.25.
For swing traders first target is 202.50 and then with trailing stoploss till 210-215.

If you are interested in what sectors are doing good, look for this analysis in related ideas.

CNXPHARMA
AUROPHARMA
BRITANNIA
RELIANCE are leaders from last week. CNXIT is emerging as a fast challenger beating CNXFMCG . BANKNIFTY is still a poor laggard.

July Performance

2020 Performance

Comment:

Both Initial Targets have completed.

"Initial immediate targets looks 192.10/194.55 with immediate Stoploss of 187.25 for risky traders or for brave traders 186.30/185.25. "

In-fact today it has closed exactly at 61.8% retracement 194.55. If it closes above next session the original trend of 202.50 and above will be intact(it for some time stayed above 194.55 today). tomorrow is crucial.
Another positive is today's move was on better volumes than yesterday. And we are fast approaching 3hour Ichimoku breakout. See the picture

Comment:

Breakout confirmed on 3hour time-frame. This looks good. Change the SL to 191

Comment: