Technical Analysis

SBI hovers at a crucial trend-deciding level

Yoganand D | Updated on January 23, 2018 Published on April 19, 2015

19SBICL.eps

SBI (₹291)



The stock rose almost 2 per cent last week, extending its near-term rally. However, it encountered a key resistance at around ₹295, after retracing 50 per cent Fibonacci retracement level of the prior down leg. The stock is at its trend-deciding level. An emphatic breach of the immediate resistance at around ₹295 or ₹300 will alter the trend and take the stock northwards to ₹310 and then to ₹315. On the other hand, inability to break these hurdles can pull the stock to ₹280 or ₹275. Traders with a short-term perspective should tread with caution in the week ahead. The medium-term outlook will remain bullish as long as the stock trades above the key base of ₹235. Investors with this time frame can remain invested with a stop-loss at ₹230.



Published on April 19, 2015
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