SBIN Consolidating for a likely strong upmove

24-May-21
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.