SBIN - Outline in progress and Trading ideas.
Coming to the technical levels directly, Sbin being on the bullish verge, made an all-time high of 373.60 this month and after that a huge dip, followed by recovery within that week itself and now it's back in the zone of bullish continuation confirmation. In simple terms, 364 is the level where bulls may lose the control a little bit if prices trade below that level. The last session, it did break the level but sellers pushed it down to close the day within 364, just by a fraction of point. Additionally, there is a divergence in the price and RSI on a daily time frame. All this indicates that there is bearish sentiment knocking on the door. Immediate support is at 361.50 with downside targets are 360.50, 357.20 followed by support range of 353.30 to 351.50 which is not only major support but also 2017 and 2010 high levels, making it a major pivot point too.
Immediate resistance stands at 366.70, on breakout of which upside targets are 369.30, and challenge to 373.60, which is this year's highest price.
As per Niftyanalysis, a fall is much expected and a correction is much awaited.