Bullish move on SBIN charts (08/01/24).

Mambotrade Updated   
SBIN is trading around the highs and if forming a bullish flag and pole pattern.

For last 3 weeks it is holding on to the higher levels. A nice bullish trade can be capture for a 10-12% move in near future.

A nice move it has already given and it can touch another milestone of 700 in this quater.

Break out can provide a nice up move in the stock. Positional trades in the stock and derivative can be initiated.

Fundamentally the stock is good. A nifty50 stock is always good for investment purpose.

Major levels are 660 & 700 on the higher side and support is around 620 levels.

Wait for the break out to trade. In case of a break down avoid a trades as the lower side R:R is not suitable.
Avoid trading in the stock as it has given a break down but there was a bullish pattern formation.
There are chance of it retracing 619 on the lower end and start a up move.

Price action in the zone (red colored) which side it will mvoe. Either there will be a up move to form double top pattern or will retrace to 50% or 61.8% levels.

Major support is aound 615-619.

Wait untill a setup in created to enter any trade.
Trade active:

The stock is around the upper band of the flag. If the stock gives a break out and sustain, while the index also support the stock it can test its recent high around 660 levels.

There are chance of SBIN giving 10-15% return in a month or two. Positional bullish trades can be created once the stock closes above 660 levels on the daily charts.

Hedge future trades for February expiry can also be trades as well swing trades for current month with proper SL may be initiated in the stock.

Tomorrow watch for it to give a break out. Trade only on the break out as leave it till it gives it.
Trade active:

The stock is still in a flag and pole pattern.

There are possibilities of a break down in the stock, in this case the pattern will not be traded.

A break down trade of a support zone around 617-620 can give a 2% target and a trialing position can be squared off around 585-90 levels.

Break down level :- 616

Targets :- 605, 585-90.
Trade active:

The stock has given the entry and completed the first target of 605 levels.

It has fallen by more than 4%. There are chances of seeing the stock around the second target of 585-90 levels.

Hold the trade whomsoever has entered and trail SL.



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