State Bank of India - Breakout Opportunity
Date: 5-Dec-2024
LTP: Rs. 865.45
Targets: (T1) Rs. 912 --> (T2) Rs. 1,023
SL: Rs. 765
Technical View:
•
SBIN is in primary uptrend and was recently going through it's secondary downtrend within primary uptrend.
• After touching the high of 912 on 3-Jun-2024, it has retraced 16% to 761.55 level.
•SBIN has breakout from it's secondary downtrend with high volume on 5-Dec-2024.
•SBIN is trading above 20 DEMA and 50 DEMA since last few sessions. 20 DEMA is also trading above 50 DEMA.
• RSI is in buy zone and trading at 62.74. MACD is bullish and trading at 10.63.
• Both RSI and MACD are showing positive divergence, indicating trend reversal.
• Looking good to start a new swing from here.
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Disclaimer: I am not a SEBI registered analyst/consultant and not recommending anyone to take any BUY or SELL position in stock market. Investing in stock market is risky and one should do a self analysis and validation before investing in stock market. My ideas are published for learning purpose only and are available to everyone at no cost/charge.
LTP: Rs. 865.45
Targets: (T1) Rs. 912 --> (T2) Rs. 1,023
SL: Rs. 765
Technical View:
•
SBIN is in primary uptrend and was recently going through it's secondary downtrend within primary uptrend.• After touching the high of 912 on 3-Jun-2024, it has retraced 16% to 761.55 level.
•
SBIN has breakout from it's secondary downtrend with high volume on 5-Dec-2024.•
SBIN is trading above 20 DEMA and 50 DEMA since last few sessions. 20 DEMA is also trading above 50 DEMA.• RSI is in buy zone and trading at 62.74. MACD is bullish and trading at 10.63.
• Both RSI and MACD are showing positive divergence, indicating trend reversal.
• Looking good to start a new swing from here.
Liked the analysis? Boost/Like this idea and follow my ID.
Disclaimer: I am not a SEBI registered analyst/consultant and not recommending anyone to take any BUY or SELL position in stock market. Investing in stock market is risky and one should do a self analysis and validation before investing in stock market. My ideas are published for learning purpose only and are available to everyone at no cost/charge.
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