This is my second post on SBI ,I feel SBI is one of those INDEX stocks
which are following Elliott wave Theory with perfection,Can check my last post on SBI
here.... SBI Autopsy. Getting back on present situation of SBI.
It looks like SBI again making a 5 wave structure from dun 1200 levels
and presently trading is the 5th final of the present local wave.
with a conservative target of 1600-1610,Which also coincides with the previous multiple
tops,There's a good possibility this giving good resistance to further upmove.
Hmm RBI cutting CRR continuously keeping banking sector in limelight
Well if RBI continues to cut CRR like this there's a possibility that this 5th may extend:)
Few levels to watch in extension,1660 and 1720
Let that happen and I would be back again with a update on SBI.
Regards
Rish
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