State Bank of India (SBIN): What to do in times of correction...Currently State Bank of India (SBIN) is under pressure and its price action points to a correction, and its 50 day EMA was breached at 486.
Price violation below the trendline around 466 would create downward pressure. And the stock might test 456 and 438, which are 100 and 150 day EMA respectively, if weakness in the stock persists. However, these levels can also act as turning point, supported by chart structure, indicators and technical analysis.
RSI has broken the level of 60, so need to watch.
Relative Strength is still positive and above zero line. Would be cautious if it slips below the zero line.
However, amidst the current scenario, I am bullish on this stock in the long term and think this correction would make the stock attractive. But please also keep in mind the trajectory and the technical parameters of the stock and make an informed decision based on it.
