SBIN- a glimmer of hope amongst the rubble ?
Aktualisiert
In the aftermath of the big ticket "nationalized bank mergers" and the subsequent blood bath on the respective stock prices, SBIN has emerged as the solitary fighter standing its ground. Being kept away from taking the burden of any of the banks did help definitely, however even on its own, the stock looks a good long term buy.
On the technical front, after having briefly breached the trend line dating back to April'18, it has managed to bounce back ( a probable bear trap ? ). Today's closing above 275 reaffirms the uptrend towards 375 kind of level, however we should wait for a break above 300, which incidentally happens to be close to the 50% retracement level to confirm this move.
Looks like a good investment with a potential 10-12% return in the short term and a handsome 25% return if we hold it for a longer period.
Appreciate views/comments !
On the technical front, after having briefly breached the trend line dating back to April'18, it has managed to bounce back ( a probable bear trap ? ). Today's closing above 275 reaffirms the uptrend towards 375 kind of level, however we should wait for a break above 300, which incidentally happens to be close to the 50% retracement level to confirm this move.
Looks like a good investment with a potential 10-12% return in the short term and a handsome 25% return if we hold it for a longer period.
Appreciate views/comments !
Anmerkung
Holding the upward slanting lower support line quite well ! Today's close at 301.70 leaves us with an immediate resistance at the 308 levels (which incidentally happens to be the 50 & 200 DMA intersection as well), crossing this can see an immediate rally till 323 levels.Happy trading !
Haftungsausschluss
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