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State Bank of India story!
Published September 20, 2018
Indian Markets are closed today as Muharram is celebrated throughout the country. We take the opportunity to publish our analysis earlier so most of the readers have enough time to prepare for their trading tomorrow. Further as part of our routine, we will publish our ‘Weekly Technical Analysis’ report on Tuesday. But first let us have a look at State Bank of India charts.
State Bank of India (SBIN.NS) Close: 271.50
The largest Indian public sector bank, the State Bank of India, has been trading more sideways since early 2017, swinging between 338 and 233 rupees. This interprets as uncertainty among investors and indecisiveness about the bank’s future price direction.
The stock has fallen over 14 percent since August this year and has broken a support level around 273 rupees. Further downside to 252 levels or lower is suggested. This downward movement is supported by declining momentum, and negative volume balance as more and more investors are interested in liquidating their positions in State Bank of India.
There is resistance around 287 and 313 rupees. So, if the traders decide to take the stock price higher, they need to break through multiple resistance levels. Specially 313 must be broken for this giant bank to change the underlying trend to somewhat positive.
We suggest relevant stop losses must be maintained in case of any trading opportunity. Our overall assessment of the banking stock is slightly negative in the medium to long term.
The analysis is based on closing price as per September 19, 2018.
Written by
Analyst - Investtech
"Investtech analyses the psychology of the market and gives concrete trading suggestions every day."
Partner & Senior Advisor - Investtech
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Investtech guarantees neither the entirety nor accuracy of the analyses. Any consequent exposure related to the advice / signals which emerge in the analyses is completely and entirely at the investors own expense and risk. Investtech is not responsible for any loss, either directly or indirectly, which arises as a result of the use of Investtechs analyses. Details of any arising conflicts of interest will always appear in the investment recommendations. Further information about Investtechs analyses can be found here disclaimer.
The content provided by Investtech.com is NOT SEC or FSA regulated and is therefore not intended for US or UK consumers.
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