In the previous session, the market traded in a narrow range and closed the day with a net gain of 69 points. The
index saw a positive opening in the morning and traded in the range-bound throughout the day with positive bias. Technically, the Index formed a small Bullish candle on the chart and closed above the previous day’s high which indicates a positive or sideways market for the next trading day. Hence, we recommend approaching the markets in a positive way. Use every dip as a buying opportunity to further up move.
Indian Stock Market to open gap negative. The market would be considered bearish until it holds below 35051 for BankNifty . Once Nifty closes below 15707, then the market would see a further downfall in days to come. Following stock looks technically strong and traders can accumulate this stock at every dip in the market.
State Bank of India (NS: SBI )
NSE: SBIN BSE: 500112 Sector: Banks
On the daily chart, we can see that prices have formed a ‘V- Bottom pattern’ and are currently placed above the Neckline resistance zone. It is a powerful reversal pattern seen in all time-frames. In the daily chart of SBIN, we witnessed a price fall near 320 levels in the month of April 2021 and then a complete retracement of the bearish movement after that.
After the completion of the V- pattern on 27th May 2021, the stock was facing multiple hurdles near 435-440 levels. In the previous session, Stock made a new high near 443.60 levels with strong momentum. Buying confirmation was made with the help of 14 days RSI which is currently placed near 62.44. Along with these 20 days Moving average is acting very well on the stock.
In a nutshell, the trend of SBIN is positive. If we take the projection of Fibonacci retracement then there is a possibility of seeing the target of 490 levels. For the near term, the zone of 420 has now become a key support for the stock. ‘Buy on dips’ would be an ideal strategy to enjoy the upside ride.
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Sir, any view on Indian Bank??Like 0
your analysis perfect sirLike 3
SBI has never gone to such 490 levels in its lifetime. With the stress of increased Non-performing assets due to COVID19 related deferrals, it would not go to such levels upward and with market correction could test 400 levels.Like 1
Wah Sir Wah!Like 0
NICE SIRLike 0
Tatmot is hot cake nowLike 0
buy canara bank on dipsLike 1
m.g sir jibest of the dayLike 0