I have applied the Elliott Wave Pattern. The third wave is including a contracting triangle, and the fifth wave is including an ending triangle. Hence, the State Bank of India's (SBIN) cycle of the corrective wave started after the fifth wave.
There are two scenarios if it crosses 61.8%, C will be around 205, and if it does not crossover the retracement level of 61.8%, C will be at/nearby 195. These levels are target prices for the day traders.
@rojasjames007, sIR, I PLAY FOR MINIMUM 5rs movement, 7 contracts at one go. 21000 futures.
rojasjames007
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@BharadwajBharaata, sir since the script you asked had less moment, whatever possible with minimum risk I told. That was the maximum movement possible for Sbi at the time when I saw your message. 1:2 risk reward
BharadwajBharaata
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@rojasjames007, THANK YOU IT WAS VERY KIND OF YOU. I missed the chance. Next time I iwll jump in. Do let me know any upmove. I do not want to sell because it is risky on this counter ( it seems to be trying to break out). thank you again.
@BharadwajBharaata, Sir the present price of PNB has the highest number of traders trading ( period 2015-present), and people are seling more than buying which shows peeople are booking very marginal profit for huge size. but i dont know whether you are buying for long term or short term. the intraday chart shows candle bars like bar code and i personally dont trade on candles formed like bar code :)