Reliance and SBI technical View before expiry

State Bank of India

SBI has done nothing from past 10 trading sessions,Stock has become rangebound with a narrow trading range from 2780-2730.

SBI should explode either on upside or downside before expiry

As per my analysis SBI should go and touch its 50 DMA on upside before expiry as Short covering if it comes can propel the stock higher to 2900-50 levels.

MACD is showing positive divergence

Buy above 2790 Tgt 2820,2860 and 2900

Sell below 2715 Tgt 2632

Reliance Industries:

RIL has broken its 200 DMA and has give close above it for 8 trading seesions.

Now as Nifty is listless RIL is also forming a base around 1050 and facing resistance at declining trendline at 1068-75 levels

Once the Range gets broken at either on downside around 1045 or on upside at 1075 than only trading call shall be taken

Buy above 1075 Tgt 1083,1100 and 1113

Sell Below 1048 Tgt 1040 and 1030

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