Analysed this stock on 2 Sept when it was closed @ 952. Tried buying next trading day but bad luck it was in ban period. Volumes, MACD, OBV & ADX positive. Target 1 - 1183.80/
Nifty -0.28% is now in overbought zone -- The immediate target on upside is 8990 which Nifty -0.28% might touch by tomorrow. Other major markets are not moving up i.e. a small correction is on the way !! MACD & RSI - are overbought On Wave count : wave 3 of Wave 3 of wave 5 is about to end !! Expect Nifty -0.28% to once again touch 8720 approx !! And then the...
SBI is about to complete a 5 wave bullinsh cycle in an ED. One can look for shorting options as already it has made the high of around 270/- in the wave 3 of ED which corresponds to the 100% projection of wave 1 in the bigger cycle. Can the correction be a zig zizg ? Let's wait and watch. Also MACD has already started showing the bearish divergence.
wait for a break in the neckline first, be wary of a pullback to the neckline before shorting. stoploss would be 21.5 tp1 = 18 tp2= 17.3