Technical Outlook & Trading Strategy:-
STATE BANK has seen a sharp fall from a high of Rs 2529.5 on 25th April 2011 to a low of Rs 1812.9 on 14th Sept 2011.
During the week the stock was trading below its crucial support level but on the closing basis the stock has registered a close above its support level and has formed a Hammer Candlestick Pattern.
Traders should note that a Hammer candlestick formation is a significant bullish reversal candlestick pattern suggesting upside for the stock.
We recommend traders to buy 50% now and again in the range of Rs 1915 – Rs 1930 levels with a stop loss placed below Rs 1884.8 levels for targets of Rs 2010 – Rs 2050 levels.
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