SBI Life Insurance Co. Ltd. - Technical Analysis Update
Support and Resistance Zones:
1.Key Support Zone: ₹1,385-₹1,463
2.Immediate Resistance Levels:
3.Fibonacci Retracement Levels:
The stock has retraced sharply from its high of ₹1,943 and is showing signs of reversal near the 0.236 Fibonacci level. A breakout above ₹1,500 could confirm bullish momentum toward higher Fibonacci levels.
4.Volume Analysis:
Volume appears to be increasing near the support zone, indicating buying interest from market participants.
The Volume Profile indicates strong accumulation between ₹1,400-₹1,500.
5.Moving Averages:
6.RSI (Relative Strength Index):
7.Projection:
Conclusion:
SBI Life Insurance is poised for a potential bounce-back. Traders can consider entries near the ₹1,450-₹1,470 range, targeting ₹1,555 and ₹1,705 with appropriate stop losses below ₹1,385.
1.Key Support Zone: ₹1,385-₹1,463
- This zone aligns with the Fibonacci 0.236 retracement level and the recent reversal point, making it a strong support.
2.Immediate Resistance Levels:
- ₹1,555 (Fibonacci 0.382 retracement).
- ₹1,630 (Fibonacci 0.5 retracement).
- ₹1,705 (Fibonacci 0.618 retracement), a crucial level to watch.
3.Fibonacci Retracement Levels:
The stock has retraced sharply from its high of ₹1,943 and is showing signs of reversal near the 0.236 Fibonacci level. A breakout above ₹1,500 could confirm bullish momentum toward higher Fibonacci levels.
4.Volume Analysis:
Volume appears to be increasing near the support zone, indicating buying interest from market participants.
The Volume Profile indicates strong accumulation between ₹1,400-₹1,500.
5.Moving Averages:
- The stock is attempting to reclaim the 20-day EMA as a dynamic support.
- A crossover above the 50-day EMA could signal further bullish strength.
6.RSI (Relative Strength Index):
- RSI is recovering from oversold levels, indicating a possible trend reversal. A move above 50 would strengthen the bullish case.
7.Projection:
- If the stock sustains above ₹1,463, it could aim for ₹1,555 in the short term and ₹1,705 in the medium term.
- A break below ₹1,385 would invalidate this view and could lead to further downside.
Conclusion:
SBI Life Insurance is poised for a potential bounce-back. Traders can consider entries near the ₹1,450-₹1,470 range, targeting ₹1,555 and ₹1,705 with appropriate stop losses below ₹1,385.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.