SBI: Facing Resistance @ 200 DMA

SBI Daily NSE Stock Chart Technical Analysis:


SBI did a gap-up on 24th and remained rangebound on 25th.  The stock price has faced resistance from the 200 DMA on both these days.

Close & CMP: 2678

Market Outlook:

• The price has been in an overall bear run since November '10.  The announcement of the quarterly results on 24th Jan '11 led to a gap-up opening and rally.  However this seemed unsustainable on 25th.  Don't buy this stock yet, there may be further downside possible.
• २४ जनुअरी को रिजल्ट आने के कारण एस बी आई के भाव में काफी उछाल आया था, लेकिन २५ को फिर से भाव धीमा पड़ गया था.  अभी इस स्टॉक को न खरीदें, २-३ दिन रुक कर देखें, क्यूंकि यह अभी और नीचे भी जा सकता है.

Technical Indicators:

• The price has run into resistance from the 200 DMA at Rs 2694.  The price is trading under its 200 DMA after an entire year.
• Though there was a gap-up on 24th, it seems doubtful if that will be the beginning of a bull run.  Only if the price closes above the 200 DMA for the next couple of trading sessions and the force shows strength, we can think of it as an oncoming upswing.

SBI Daily NSE Stock Chart Technical Analysis