Trying to analyze SBI ahead of its crucial results on 11-08-2016.
On hourly charts important trend line support is around at 225.
On daily charts also important trend line support is around 220-225. Assuming stock is in 5(iii) wave 161.8% extension of wave 2 is around 225. Above which 261.8% extension is around 261.
On weekly charts 38.2% of total fall from 336 to 148 is around 220 and after 50 and 61.8 % retracements come around 242 and 264 respectively.
Now on Options side highest OI is at 240 CE and on put side it is at 200 PE and above that second highest OI is at 220 PE.
All these signals indicate that 220-225 should act as good support. At CMP of 227 it can be bought with a stop loss of 220 on closing basis for targets of 242 and then 264.
Disclosure: I am not a SEBI certified analyst so please consult your financial adviser before acting on this call. Further i do have this stock in my portfolio.
On hourly charts important trend line support is around at 225.
On daily charts also important trend line support is around 220-225. Assuming stock is in 5(iii) wave 161.8% extension of wave 2 is around 225. Above which 261.8% extension is around 261.
On weekly charts 38.2% of total fall from 336 to 148 is around 220 and after 50 and 61.8 % retracements come around 242 and 264 respectively.
Now on Options side highest OI is at 240 CE and on put side it is at 200 PE and above that second highest OI is at 220 PE.
All these signals indicate that 220-225 should act as good support. At CMP of 227 it can be bought with a stop loss of 220 on closing basis for targets of 242 and then 264.
Disclosure: I am not a SEBI certified analyst so please consult your financial adviser before acting on this call. Further i do have this stock in my portfolio.
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