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.

Comments

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