SBIN after a long consolidation have given a breakout of the major resistance of 195-200 zone and at the same time given a breakout of symetrical triangle pattern and now retesting it. A long trade can be initiated here with sl of previous swing low for target1 and target2.
RBL Bank is been trading in a range and formed a Inverted HNS pattern on 1hr TF.. and the neckline brokeout on 7aug. now the scrip its retesting its neckline.. a long trade can be initiated here with stoploss of previous swing low for target of recent swing highs and even more...
Nifty - Technical Analysis:
Nifty opened with a gap down and ended the day just above its low, forming a near perfect marubozu, which is an extremely bearish signal.
On the bright side, Nifty managed to hold its 10900 lower trend line support.
The index formed a near perfect wedge on 15m charts.
Market - Driving Factors:
PSU bank and Metal indices...
Bank Of India (BANKINDIA) weekly chart study - Triangle bottom
Trade in the direction of breakout. Expecting a breakout on bullish side based on RSI divergence (minor evidence). Still its advisable to wait for the breakout before buying.