Technically State Bank of India gave trend line breakout in today’s trading session above 1870. Banks supported today’s rally with HDFC Bank earning report boosting market sentiment. Since May 2011 SBIN trading way below 200 EMA in daily charts. Now 200 EMA stands at 2060 levels. Yet to reach 170 points from the current levels.
On the downside 1790 and 1830 act as major supports for any upmove to continue in SBI. It is also trading above the Ichimoku support at 1790 levels in the daily charts. RSI is in over bought state but with 1830 support one can hold longs in SBI for targets 1930 and 1975. Overall there has been a 16% up move in SBI in the month.
Trading Levels – 1790 – 1830 – 1880 – 1925 – 1950
SBIN Ichimoku Chart
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