SBI, sitting on the support level, Next possible scenariosHi Guys,
As you can see from the charts that SBIN is just sitting on the support level, And kind of working on Triangle waves formation which can take a while. Generally, it breaks out in the direction of the previous trend which was an uptrend. Triangle formation basically shows a pause the trend when it completes the trend resumes in the same direction.
Price- 291.65
Target is 350
stop below 280
Sbin
SBI Hourly...Guys SBIN Hourly idea keep watch...
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SBIN, PSU banks in generalSo, the time has caught up with irrational exuberance on banking sector in India.
The ridiculous rally banknifty saw over last few months lacked any fundamental push as such.
Now it all seems to be unwinding. And this is going to be good!
In this chart we see State bank of India has broken the steep weekly channel quite significantly.
260 at least would be a great target till next expiry. Will keep a watch on this!
Bank Nifty : Resistance zone & Fib Golden Ratio !Normally, we all have opinion that prices will reverse at 61.8% fib ratio ( that's why its called Golden ratio). Put that in combo with resistance zone, the probablity of getting good trade increases. Thats what we have here in BankNifty, with price around 18900's and resistance zone in same area, I expect the market to reverse here. We do had similar kind of setup in Nifty also, but that was risky setup which is posted earlier. Just to point out RSI is overbought but that won't be sole reason for Banknifty to reverse from here.
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