Huge potential is there.
For short term investment ;
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Wait for small retracement & daily candle to close above - "585"
Trade carefully @ 595 level
target: 593- 511- 527 - 689
sl: 575 - 569
major stoploss/ support: 555
If you are interested in invest now, go for it with proper risk,
Overall " SBIN "...
This is our final chart of SBI which consist 10 percentage weightage of Bank NIfty. Already posted HDFC bank and ICICI bank (both consist 60 percentage weightage)
With this you will have proper understanding of current and future directions of banknifty. I will update further when the times come, till than happy...
SBI the largest public sector bank is forming a head & shoulder pattern on weekly charts along with a breach of neckline support from where early breakout occurred. given that ads negative trend strength is rising , If the momentum support at psi 40 breaches along with a confluence support breach of bottom trendline from 2020, then it could be retesting the...
Today SBIN was available at 500 which was a great level. Never the less tomorrow SBIN should give opportunity to enter again.
SBIN is a solid stock to keep in profile.
The support and resistance lines are self explainatory.
STATE BANK OF INDIA as per Day Chart Analysis have chances to move uptrend Stock ABOVE 620 TARGET 623.
As such Nifty is in Downtrend Mode up to 18325 to create fresh demand and Bank Nifty is in Uptrend Mode.
So trade carefully for this week.
Happy Profitable Trading to All...
Counter is trading in ascending parallel channel structure, few days ago on result day counter gave a gap up opening and now counter have filled the gap,, now closing below 593 would lead to reversal confirmation,
so sustaining below 593 on closing basis and follow through would lead to levels of 579 and 551
going a head,,
if not able to close below small bounce...
SBI looks to step out of the consolidation zone after forming a double bottom pattern.
Will watch the levels of 473, which is the daily EMA. Once this level is crossed, expect some good momentum in this stock.
Always define your stop loss between 5-8% if your trade fails.
Do read my previous analysis on State Bank here..
Earnings NEWS: State Bank of India reports the highest ever quarterly Net Profit of Rs 13,265 Cr (a growth of 74% YoY). Loans: 20% YoY growth, 4.6% QoQ growth!
Analysis: With Earnings backing the stock (beat on all estimates), I expect the stock to continue the momentum as the strongest PSU bank. Keep a stop loss at 570 and go long for the longer term.
Support and resistance marked with trend line. Either Side breakout will give good return.
Note - Please add proper SL before taking any position. Manage your risk.
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