Every winner needs to master three essential components of trading; a sound individual psychology, a logical trading system and good money management. These essentials are like three legs of a stool – remove one and the stool will fall, together with the person who sits on it. – ALEXANDER ELDER
Only Concern about this rise is volumes, I have mentioned in above chart the rise from 1886 to 2004 has been backed with less volumes which means market participants are not convinced of the upmove and after results only volumes based trade will come.
Stoch has entered overbought region and any bad news and results as per market expectation will also lead to correction in SBI. Surprise results will lead to a rally on upside.
As such we will always trade on levels not on any news.
Buy above 2004 Tgt 2026,2060 and 2116
Sell below 1960 Tgt 1940,1915 and 1886
Close below 1886 will end the uptrend in stock. On Upside 2116 will act as diffcult resistance to move above.
Bank Nifty respects its trendline as shown in above daily chart.BN has been closing above its downward trending trendline support of 9808 showing strength.Close below 9808 can drag BN back to 9600-700 range in matter of hours.
Support in downside lies at 9660 levels. Close below this will end the intermediate uptrend in BN.
On Upside resistance is at 9893-9914 range.
Buy above 9893 TGt 9932,9984,10081
Sell below 9808 Tgt 9732,9660 and 9606
ICICI Bank is holding to its 50 [email protected] level break of 871 on closing basis will lead the stock back to its swing low of 761 levels.
Laxman rekha for SBI is 908.Stock tried moving above this level made a swing high of 954 which was its 100 DMA also and sold off immediately. Closing above 908 is important to keep the uptrend intact in the stock.
Buy above 879 TGt 887,895 and 908
Sell below 869 Tgt 862,853 and 844