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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SBI : Bullish Cypher - Is there anything more to say ?We got bullish cypher pattern here, so I'm expecting completion of CD move, it may happen today or tomorrow, we cant predict that with 100% confidence. But one thing we can say, if price comes to our entry zone I will enter long in SBI with cypher as reason but only after the pattern completion.
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