indiamarketoutlook

SBI: Whats the story...

NSE:SBIN   STATE BK OF INDIA
SBI
CMP 256

Observations

- trading in ascending channel since Feb 2016

- currently at lower end of channel

-trading below 50 day EMA

- trading below 200 day EMA


View going forward

Scenario 1

- stock is at major trendline support & if the stock holds on to current level then

- the stock may see a bounce towards either 50 day EMA currently around 278 or max towards mid red line of channel around 295-305 levels

- and then we may see a bigger fall


Scenario 2

- The stock breaks past the channel support

- takes support around green line (around 244)

- on bounce finds resistance at 200 day EMA

- & falls again


Given the chart setup

- likely short term target 269-278

- & if we seen rejection on any bounce then the target over medium term looks likely to be around 220-196


Take care & safe trading...!!!



Trade closed: target reached: Wowie

The stock took support near green line and has bounced back as was suggested and has made a high of 316.95 so far and is currently trading at 303 levels...

So far has panned out exactly as was predicted that the stock may move towards 295-305 levels....

Consider booking profits on long positions

Going forward If we see rejection here, we could be heading south once again in medium term...

Take care & safe trading...!!!
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