State bank of India, A heavy weight PSU bank is showing strength, Yesterday we saw good selling pressure on this scrip but unfortunately sellers failed to push and buyers taking the price higher. If price sustains above 550 then possibly we can see a strong upmove in this stock. keep in radar
#note - The idea is shared for educational purpose and not a trade...
SBIN has been trading in a zone and on the weekly time frame has closed near the resistance zone.
The stock has been trading above the weekly 20 ema and has given an bullish engulfing candle.
On the daily time frame, the stock has formed an inside candle.
If the stock breaks above the consolidation zone, nice targets can be achieved.
Higher time frame break...
SBI may touch 555 again if it breaks the flag pattern.
On downside it can go 504.
Always trade carefully because it’s your hard earned money.
Consider it as business. follow stop loss and know when and where to book profit/loss.
Please note this is just my observation only and consult with your financial advisor before taking any trade.
State bank of India On the Daily chart trading between Range of 430- 545 from last 2-3 months.
Currently Stock has hit the Higher side of the Range i.e. 545 and a Doji Candle formation followed by Bearish Engulfing candle Pattern formation is observed near Resistance levels. Also banking stocks looked to be over heated so there can be some correction in the...
SBIN next week S/R important levels according to Gann Square where SBIN can take support or face resistance these are very important levels we have observed from previous many years of analysis market stop and revers most of the time at or near from these levels.
these are the dynamic levels which changes on the basis of weekly closing
Downside gap is pending so definitely market has to full fill these gaps sooner or later.
If market goes below the intersection point of Trendline & Channel line which is @ 462.70 then we can go for short till gap was filled @ 449.2
1) On 1Week time frame, we can see it has formed kind of Head and shoulder pattern.
Please refer below chart : 1week time frame.
Immediate support is at 440 level.
Breakdown of 440 will invite more selling.
2) On 1hr time frame, it made rounding top pattern.
Please refer below chart : 1hr time frame. ...
Due to event day stock moved 2.40% downside from day's high
with help of schiff pitchfork the price was seen taking support at lower media line which is considered as good support
with current day low price might bounce back to 537 levels and if anything above the 550 zone will be activated again
if price breakdown today's low then it might fill the gap
SBIN is near its support of 502 and is respecting it.
On 4 hour time frame, the stock has give a doji and a hammer candle.
Once an hourly candle closes above 505, it can go upto a level of 515-518.
Wait for the levels to be sustain. 1-2% upside move will be there.