SBI BANK: Running Triangle formation

Jan 15

Stock has already concluded it's running triangle structure at Oct'23 low of 543 and currently rising in an impulsive manner after the breakout. The measured target for this structure is coming in the region of 790-800 zone.

Hence, stock is likely to hold above INR 600 on any weakness and extend it's gains towards INR 790-800 in the coming weeks.

A sustained closed below 600 will negate this structure and force us to evaluate other possibilities.