High Conviction MTF Pick - State Bank of India 06th November by Bajaj Broking Ltd
Buying Range: 985 - 1005 Target: 1149 Return Opportunity: 15%
Technical Outlook
The stock has generated a breakout above a falling channel containing last 12 weeks price range signaling resumption of up move and offers fresh entry opportunity .
Key observation in the weekly chart is that the stock has recently rebounded after forming a potential double bottom at the key support area of 930 - 950 being the confluence of the following technical observations :
* 52 weeks EMA currently placed at 968 levels
* 50 % retracement of the previous major rally from 680 to 1234 .
We expect the stock to head towards 1149 levels in the coming quarters being the 123.6% external retracement of the previous decline from 1124- 938 . The weekly stochastic is in up trend thus supports the positive bias in the stock .
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