Since Starting of year 2009, SBIN trading in broader range of 350-150. In this zone it has created 3 Major Levels
1) Support Level
2) Middle Level
3) Resistance Level
1) Support Level: Journey started from July 2009 when SBIN took support at its previous Swing High of 150 Zone. After that it became such an important level where it works as Support for another...
I have applied the Elliott Wave Pattern. The third wave is including a contracting triangle, and the fifth wave is including an ending triangle. Hence, the State Bank of India's (SBIN) cycle of the corrective wave started after the fifth wave.
There are two scenarios if it crosses 61.8% , C will be around 205 , and if it does not crossover the retracement level...
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"" DAILY CHART ""
The Round labeled A,B and C are the PRIMARY WAVE counted.
The bracket (a),(b) and (c) are the Secondary wave in which covered almost all big moved of the Primary Wave.
I have drawn basic Pattern inside this Wave Counted and we can see below clear picture of the trend.
Conclusion of this wave counting: The price is travelling toward the the primary...
I hope you can now see how Sbin represents an excellent low risk profit entry setup allowing you to trade in the market.Take positions so that the risk/reward is in your favor.
Knowing why, where & when a strong reversal signal is being generated will be the only way to capitalize on your technical analysis .
Disclaimer: It should not be assumed...
Swing and Intraday Setup: Looks really good at CMP or above 204 with confirmation on 1 hour candle for 230/250. Keep SL 200.
Note: I am not a SEBI register and view is only for educational purpose as well as personal, always consult your financial advisor before investing or trading. For supporting my work join me on telegram t.me/rizemeps or search rizemeps.
SBI has underperformed compared to Bank Nifty. It is likely to expect that we can see some good momentum in SBI in the coming weeks. 225 is strong resistance as of now. This stock is certainly not a pick for the long term horizon.
CMP - 200
Target - 225
Position Type - Swing