Saturday, November 01, 2008

>SBI Analysis

Hi Friends,
I am back again with a post on State Bank of India(SBI):).
Banks were the last ones to fall in this catastrophic fall,And they
just added fuel to the fire momentum to the fall.

Coming back to SBI.You may be interested in my previous SBI post
The anticipated fall came in SBI,But now since the fall was fast and deeper
the local wave counts will not work,Will have to see a bigger picture.
From january 2008 high SBI waves are still not very clear,Though this could be
5th down.
Attached SBI chart Shows a nice distribution near 1400-1600.To know more about
Distribution read High volume not bullish always.
Now the main thing
The daily chart of SBI shows a huge Head & shoulder chart pattern.To read more about
chart patterns Chart patterns.
So if SBI trades below 1000 for 2,3 days its going quite low 700-600 kind.
So the main level here to look for would be 1000.
I had a nice strategy for the last few days long nifty short SBI.
A Research report on SBI read here SBI(HSBC)



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