State Bank of India showing a multi-month breakout on a monthly chart.
Breakout was preceded by an almost 10 year accumulation. Though the last phase of accumulation was pretty fast, post covid rally helped the phase.
Now, it looks like the accumulation is over and the stock will trend.
This is a good pick for long term investment.
The stock can test 700-800 zone if price manages to stay above the channel in next 2 years.
My stoploss = 335.
SIP is also advisable.
Note - we had shared buying from 200 zone to 400 zone previously (23 August, 2020) and had exited then. We do not have any cash positions in SBIN yet, however we intend to make a considerable position in coming months.
Disclaimer: All investments and trading in the stock market involve risk. Any decisions to place trades in the financial markets, including trading in stock or options or other financial instruments is a personal decision that should only be made after thorough research, including a personal risk and financial assessment and the engagement of professional assistance to the extent you believe necessary. The trading strategies or related information mentioned in this article is for informational / educational purposes only.
Breakout was preceded by an almost 10 year accumulation. Though the last phase of accumulation was pretty fast, post covid rally helped the phase.
Now, it looks like the accumulation is over and the stock will trend.
This is a good pick for long term investment.
The stock can test 700-800 zone if price manages to stay above the channel in next 2 years.
My stoploss = 335.
SIP is also advisable.
Note - we had shared buying from 200 zone to 400 zone previously (23 August, 2020) and had exited then. We do not have any cash positions in SBIN yet, however we intend to make a considerable position in coming months.
Disclaimer: All investments and trading in the stock market involve risk. Any decisions to place trades in the financial markets, including trading in stock or options or other financial instruments is a personal decision that should only be made after thorough research, including a personal risk and financial assessment and the engagement of professional assistance to the extent you believe necessary. The trading strategies or related information mentioned in this article is for informational / educational purposes only.