Sunday, November 21, 2010

>SBI Elliott wave analysis.

SBI has played a important role in Nifty rally post breaking out from sideways range.
Even in Index composition SBI comes next to only Reliance and ONGC .
Holds 5.19 in Nifty.

This stock after magnificent rally gaped down after bad results and have not looked back yet.
What could be next in store for it ,We will try to analyse in some time.

The fall from 3500+ levels was vicious and in a matter of days stock was hammered down to 3000 levels.The present structure i see in SBI post 3000 i can count only 3 waves in each leg
pointing to a triangle or wedge .

On daily chart a possibility of expanded flat is arising next few days of trade can throw more
bars on chart then i can analyse precizely.

Fresh short is not advised in stock at present levels Give stock some time.



Anonymous said...

looking forward to your EW analysis of Nifty Daily & weekly time frame.

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