SBI Daily NSE Stock Chart Technical Analysis:
State Bank of India stock price on NSE jumped and opened gap up. It ran crazy throughout the day in only one direction - upwards.
The price opened at Rs 3298 and closed at Rs 3433.45, a big jump.
I'd gone long on 25th Oct 2010 at Rs 3220, based on my analysis of 22nd Oct 2010. This has paid off well, even though it seemed for a moment that my stop at Rs. 3065 will get hit. But it didn't, and I'm enjoying this bull run thoroughly and waiting for a sell signal to encash my profit!
Market Outlook: The price will climb up tomorrow as well, but not more than 30 points, and will close below 3465. After that, the market will go sideways and bounce off the price channel support.
How far will this bull run go? If all other variables remain the same, this will last for about 3-4 more months.
Technical Indicators:
Big gap up and bull run through out the day, a Marabozu candlestick.
Price is moving in a channel as visible on the chart.
