Based monthly chart SBIN following trendline.
When price reaches to the trendline It bounce back extremely well.
See the Full Graph.
Based on averaging,
In 365 days - Return will be 139 %
and for 100 % return you need to wait for 216 days!!
Just My view based on the trendline analysis and previous data.
Its good time to buy.... FOR LONG TERM...... atleast 1...
STATE BANK OF INDIA (SBIN) has breakout of range consolidation, Stock today on August 2020 breakout of Rising Wedge patter as marked on the chart. We can see levels upto 248- 250 in the next 2-4 months. One can Go long with the stoploss below 188 on Weekly closing basis.
Stock currently in upward trend and may break upside.
Wave 4 has formed skewed triangle and about complete final Internal Wave E.
Long in the zones of 199-195 Stop loss 179 ( if hits loss will be ~10% of entry price) breaking 185 will be tough.
Targets for Wave 5 235(as per fib extension drawn between wave 2-3-4),245-250(aggressive)
Notable resistance 212 non...
Fundamental View
After announcing Q4 result SBI jumps up to 5% and 8% with in a day.
Net profit jumps to Rs 3,580.8 crore in the January-March quarter compared to Rs 838.4 crore.
(Net profit includes a one-time benefit of Rs 2,731 crore from sale of stake in SBI Cards & Payment Systems.)
SBI’s asset quality improved over this quarter(Q4).
Technical View...
Recent bullishness and last week close above 350 levels in SBIN warrants more attention.
325 to 350 region has been a zone of uncertainty with many failed breakouts.
It should be noted that ATR during last week was around 18. The stock moved into a historical supply zone with 2ATR move of 35 pts. This calls for caution.
The current sharp move upwards was...
Guys SBIN Test Supply Zone keep watch and take profit...
Disclaimer:
The information contained in this presentation is solely for educational purposes. Does do not constitute investment advice. I may or I may not take the trade.
The risk of trading in securities markets can be substantial. You should carefully consider if engaging in such activity is suitable...
