State Bank of India CMP - Rs 1933.90
Technical Outlook & Trading Strategy:-
The share price of SBI has seen a sharp fall from the highs of Rs 2529.7 on 26th July 2011 to the lows of Rs 1710 Levels.
The stock has since then pulled back and has managed to close above its cluster of moving averages. The momentum indicator on the daily chart is also in a bullish zone suggesting more upside in the stock.
We recommend traders to buy in the range of Rs 1930—Rs 41938 levels with a stop loss placed below Rs 1878.8 levels for targets of Rs 1994 / Rs 2036 levels.
Reliance Industries Limited CMP—Rs 840.40
Technical Outlook & Trading Strategy:-
The price of Reliance Ind has remained under selling pressure for last few weeks. But, the key observation to be made is that the price of Reliance Ind appears to be forming an inverted head and shoulder pattern on its daily charts. The inverted head and shoulder price pattern is a bullish price pattern and has positive implications on the future price movements of a stock. The price of Reliance Ind is also trading above its key moving averages and the momentum indicators are firmly placed in buy mode.
We recommend traders to buy in the range of Rs 838 – Rs 841 levels with a stop loss placed below Rs 820.8 levels for targets of Rs 864 – Rs 880 levels, expected to be achieved in coming few Sessions.
