UnknownUnicorn4260559

SBI : Mean Reversion Buy

Long
NSE:SBIN   STATE BK OF INDIA
SBI has always shown tendency of reversal towards 10/20 days mean when Stochastic was in oversold condition. This time is also no exception and we might see recovery from the trend line support of 255-256 towards 278-285 level. Stop loss would be placed below 249 which is 50% retracement level of run from 148 to 350. This run would be a temporary bounce back and trader should not expect more than 278-285 range.
Trade closed: target reached: SBI bounced from the low of 250 to 303

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