June 14, 2019 at 9:22 PM #155801Nitin BhatiaKeymaster
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SBI Share Price touched its 52 weeks high recently. Normally, retail investors buy a share after the rally is over. We discussed SBI Share Price in Stock Talk episode no 25 and the stock followed or respected the technical analysis. In today’s follow up video, we will discuss whether you should buy-sell or hold the SBI stock.
On price action, the SBI share retraced from its multi-year resistance. It is currently trading in a channel. The gap filling is also pending at the lower levels. On the daily chart, the stock has formed a bearish divergence. In a nutshell, the price action is completely bearish.
On Fibonacci retracement, the stock normally retraces from a 78.6% level i.e. level of 281. If you have taken positional trade the SBI Share Price analysis suggests that profit should be booked if the stock breaks the 20-period EMA of 341.
The data points suggest that there was delivery based selling in the stock and currently it is under the distribution phase. The option chain analysis is also bearish the shorts on the put side are closing their positions and fresh short positions are created on the call side taking advantage of bullish sentiments of retail investors.
The stock has a strong positive correlation with Nifty movement and over the Nifty PSU bank indices is underperforming and it is very difficult for any stock to go against the trend.
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