October 29, 2013

SBI Chart Analysis before RBI Policy

  • SBI Daily chart shows a bearish engulfing at 100 Day SMA. So for bulls its very simple they have to trade above the last four days High for positive momentum to happen.
  • For bears though yesterday's price action is an advantage. But they have to break and stay below 1660 to start another down move. Bigger falls only if price is able to take out 50 Day SMA and the rising support line shown in second chart.
  • So Bullish above 1735+ levels and Bearish below 1660.

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