October 03, 2016
SBI (NSE Cash)
256 - 258
5 - 10 Sessions
Source: Falcon (Chart Time: 09:22 IST)
The stock has resisted around the 88.60% retracement levels of the entire fall from
on weekly chart and started correcting from last few sessions. On Thursday, the stock has breached its crucial
support of ‘Super Trend’ indicator on daily chart and managed to close below the same, which indicates that
the short trend has been changed. Due to the bounce in last two sessions, we are witnessing a formation of a
Bearish Harmonic Pattern named ‘Bearish Shark’ on intraday chart. The Potential Reversal Zone (PRZ) of the
same is placed at
257.40 levels. We are also witnessing a negative crossover between ‘5EMA’ and
‘20EMA’ on daily chart. The ‘RSI - smoothened’ oscillator is also indicating further correction in the counter.
Considering above technical evidences, traders are advised to sell the stock at current levels and on rise to
258 for a target of
241 in next 5 - 10 sessions. The stop loss for the trade set-up can be kept at
October 03, 2016
Last 10 recommendations
Recom. Buying/Selling Range CMP
1412 - 1420
542 - 538
1588 - 1595
433 - 435
406 - 403
2880 - 2900
1542 - 1530
5565 - 5540
900 - 895
Booked Profit at 915
Source: Angel Research
Research Team Tel: 022 - 4000 3600 (Extn. 6552) Website:
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