amar_gr

SBIN Consolidating for a likely strong upmove

Long
NSE:SBIN   STATE BK OF INDIA
24-May-21
NSE:SBIN

SBIN has made a new ATH and is consolidating for a likely strong upmove.

  • Coming few weeks it may consolidate between 371 to 416 range.
    If in coming 4-6 weeks manages to sustain above 371 - 415 range, then most likely targets are 458, 523, 580

    Fair possibility of 650 exists if the trend remains intact.

Pro's

  • Currently seems to be leading the banking pack.
    looks like a good candidate for a strong move ahead.

Cons:
  • Below 320-294 range, the upmove may take longer and not sustain.
    Large Cap, may likely take more time for its moves.
    Move has possibility of getting disrupted due to RBI / Govt policies
Trade active: SBI today broke its high of 427.70 made on 18th feb 2021
Considering todays volume, SBI most likely gunning for a target of 458 (7% from CMP).

Tomorrow is crucial and we need a strong weekly closing to keep this momentum going.

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.