STATE BANK OF INDIA (SBIN)
- SBIN is currently moving in a down channel formation, usually it indicates stock to favor bears as long as it trades in between in down pattern, but as per current technical analysis studies stock is now trying to break its up channel pattern as shown in chart no1, close watch once stock breaks and closes above 2577 in SBIN then bulls may get active and further strength is expecting.
- Intraday tips - close watch if sbin starts trading above 2577 during market hours , if holds above 2577 then intraday bulls action is expecting.
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- According to graph no2, SBIN is moving up from 100 days moving average, it will favor bulls as long sbin holds above 2577, and bulls may extrend their gain if stock closes above its down channel formation.
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- If stock moved up from current levels then SBIN will find strong trend line resistance around 2620, 2730, 2760 and 2834, as shown in graph no3. Close Watch.
- Stock was on news on 02nd Sep 14 - The Finance Ministry has urged RBI to tighten the norms and monitoring system so that activities like fund diversion could be prevented.
- Kingfisher Airlines allegedly diverted funds by opening a current account in HDFC Bank and had a balance of Rs. 7.5 crore as of date.
- This fact was not known to the consortium of lenders headed by State Bank of India. These banks have an outstanding debt of Rs. 6,521 crore from the now-grounded carrier, Source: Moneycontol
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