The stock has been in an uptrend since its listing and has formed a series of higher highs moreover it has been following a proper parallel channel 1536 should be the immediate targets
if this range is broken an elongated rally can be seen with targets till 2000
also the fundamentals of the company are amazing there has been rise in net profit by 15% yoy basis
As per weekly chart, 1492 is short term hurdel in the stock, watch this level closely, once this level crossed by the stock, the 1550 and 1600 level can be seen in the stock, so call option of 1500 level will be good bet on the day when it will cross 1492 levels.
Stock of SBI life insurance company in its daily time frame chart is forming double bottom type structure. RSI is 53 and is above the all moving averages like 20DEMA, 50DEMA and 200DEMA also. 1454 and 1494 are the important levels may be considered as breakout point. one can add in watch list. I have from 1385 levels.
Stock is in Consolidation Phase, after making a Higher High.
Have a Tight SL for this Current Trade Set up.
Good RR favours.
Have your own Analysis before any trade.
Reason for long
a) Now the market is in euphoric state of long, At, this point for next 6 months most stock usually outperform for short term gains of 5 to 7%. Howsoever, we will try to target for 5 to 10% in 5 days or square on 6th day, if it is in consolidation zone
b) consolidation breakout
c) volume accumulation
d) Super vwap support
f) SL compulsory
SBI Life survived from Long band resistance. Price Target is 1650. High possible is there to retest the 1400 level. According to this scenario manage your trade.
Simple core set up
Buy at support and sell at resistance, SBILIFE is at support and considering markets turning green, there is room for SBILIFE to give good reward in coming days
SBI LIFE INSURANCE
Breaking out of a 4T volume contraction pattern.
HVQ volume breakout.
Disclaimer:
For educational purpose only.
Please do your own research before taking any trades.
Happy Trading!
SBILIFE
the only insurance company listed that is trading at all time highs . it has breached the all time highs and has touched 1374 levels. keep a watch for the coming months. this can reach 2000 plus and is also showing signs of leading the insurance sector and taking the sector along with it to new highs.
the first stock in the sector to register new highs...
SBI Life looks good for a positional trade.
Buying above Rs 1021, SL will be Rs 997.
Target to be decided afterwards.
Disclaimer: The views expressed in this article is of my own. You're solely responsible for any decision taken in the markets, resulting in financial gains or losses. The analysis I've shared is for informational and educational purposes only.
