February 20, 2018

NIFTY Chart update

  • Nifty daily chart shows the small candle just below 100 SMA. Twice in the recent past this price action was followed by good up move. But this time price is trying to consolidate after a big correction, which is good for bears.
  • If price stays below 10276 then 200 Day SMA is possible.
  • Weekly chart shows price below 20 Week SMA.  Bulls must try to get back above this moving average to avoid bigger falls.

State bank of India chart Analysis

  • State bank of India month chart shown with crucial support resistance levels. Price is in a big range between 150 to 330. Chart shows crucial support zone at 240. Bigger weakness for the stock only if 240 levels are broken. Till then bulls are safe to do a bounce. Look for bounce trades only when price reaches 240 levels.