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State Bank of India was the second largest gainer in the Nifty 50 on Thursday and ended at new closing high. The stock has formed a Bullish Marubozu kind of candlestick pattern on the daily charts, with robust volumes.
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The market turned volatile at 22,500 as it priced in the non-event. Once the index closes above 22,600, one can expect a march towards 22,700-22,800.
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The RSI Smoothened indicator that recently witnessed a dip has turned northward and is flashing fresh buy signals. In the week beginning April 1, close attention will be paid to the all-time high levels above 22,500, as hesitation was evident at these levels
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In terms of levels, immediate resistance is identified at 22,530, a level of significant importance on higher time frames, with further resistance seen at 22,800 followed by 23,170 for the Nifty.
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On the higher end, the resistance is placed at 21,900-22,000 for the Nifty 50.
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State Bank of India formed bullish candlestick pattern on the daily timeframe, though the volume was below average. The stock traded way above all key moving averages and maintained higher highs, higher lows formation since October 2023.
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State Bank of India formed bullish candlestick pattern with long upper shadow on the daily charts, with significantly higher volumes for yet another session. In previous session, there was a horizontal resistance trendline breakout.
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After the MPC outcome, the benchmark indices saw a rush to book profits, that drove the BSE Sensex down 493 points to 71,659, and the Nifty 50 down 137 points to 21,793, forming a bearish candlestick pattern on the daily charts
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A drop below 21,700 might trigger panic in the Nifty 50. Conversely, a decisive move above 22,125 could spark a smart rally in the market.
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On Budget day, the Nifty 50 is likely to trade in the range of 21,500 on the lower side, and 21,900 on the higher side.
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In SBI, there was a strong breakout of downward sloping resistance trendline adjoining multiple touchpoints on the weekly charts, with healthy volumes, indicating positive bias in the stock.
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Expert expects to see derating in smaller PSBs as the surge in other income, the primary driver of superior RoE (return on equity) in FY23 could be transient.
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There weren’t any surprises in the Governors’ statement. Sometimes no news is good news, which is why markets have reacted with a slightly positive bias, says Apurva Sheth, Head of Market Perspectives & Research at SAMCO Securities.
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Considering the strong momentum, the index is likely to march towards 20,000 milestone in coming days, provided its holds 19,700-19,800 area, while the crucial support remains at 19,600-19,500 levels, experts said
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The last week's low point of 19,250 is expected to be crucial this week as well. A breach of this level may pull down the index up to the psychological 19,000 mark, whereas on the higher side, 19,400-19,500 can be critical hurdles, experts said
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The trend is definitely positive, but considering the one-way rally of last several sessions, the possibility of some profit taking can't be ruled out in near term before we are getting into next leg of upmove, experts said.
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The market seems to have reacted to the MPC move as the benchmark indices rallied sharply in the previous session to hit the highest level of current calendar year. Today, the Nifty and Sensex turned volatile
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Oberoi Realty seems to be breaking out from a bullish Inverse Head and Shoulders pattern which emerged following a corrective move. The stock has crossed above the 200-DMA (daily moving average) which stands at Rs 876 and this DMA was almost acting as a proxy neckline for this formation.
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PB Fintech was also in focus, rising 6.5 percent to Rs 598, the highest closing level since June 27 last year, after consolidation in previous four trading sessions with sustaining above 200-day EMA (Rs 546). The stock has formed long bullish candle on the daily scale with above average volumes.
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Looking at a broader picture of SBI, Vidnyan Sawant of GEPL Capital observes that the correction post November 2021 the stock did not get into Lower Low, Lower High formation, this shows positive under tone of the prices.
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The market reacted negatively to the policy, may be due to increasing possibility for further rate hikes in next policy meeting and lowering the growth forecast
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The momentum seems to be in favour of bulls but having consistent run-up for the last few days, some bouts of volatility and consolidation can be seen in coming sessions, before taking gradual march towards first 18,700-19,000 area
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As markets salute the central bank, we decided to come up with rate-sensitive stocks that experts say can return up to 26 percent over the next 3-6 months
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Given the subdued environment, the index may touch its August lows of around 17,150 and if that gets broken, then falling below psychological 17,000 mark can't be ruled out in coming sessions, with hurdle on the upside at 17,700-17,800 levels
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The Nifty50 index is now more than 18 percent up from its June lows and is gradually gathering steam to reclaim 18,000 mark with crucial support at 17,500, experts said
