SBI on Support Line @2574

STATE BANK OF INDIA Daily NSE Stock Chart Technical Analysis:


SBI began its fall in early November 2010, and has been continuously falling since (except for a small correction a few days back).

Close & CMP: 2600

Market Outlook:

• The price broke through 2 levels of support since the beginning of 2011.
• The price has found support at 2574.
• Next week, it seems like the price will go up again or remain sideways, after reaching this support level.
• But overall, I am not bullish on SBI anymore for the coming few weeks.

Technical Indicators:

• Today the price movement formed a spinning top candlestick and also made an intraday low on its support line.  Both of these indicate that this support is showing strength and could prevent further downfall of the SBI stock price.
• The price made 2 bearish breakouts in the last 4 days.  The price fell through its one-year old diagonal support line.
• The stock is deeply underbought, indicating that there could be a rise or atleast the further fall could be stopped for a few days.
• Only if the price goes above 2770, one can look at SBI positively again for purchase.

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STATE BANK OF INDIA Daily NSE Stock Chart Technical Analysis