A double bottom at 2051, triple top at 2375-2385 is what Sbi shows on its charts.
Rsi, Stochastics, MacdH all in the negative zone, mov avgs showing no clue of a recovery or exhaustion of the downtrend, a trendline breakdown on Bank Nifty to lead Sbi to sink faster, all indicate a negative bias on the stock.
If Sbi manages to break this double bottom, at 2050, the next likely support is at 1730. Thats HUGE target !!
Can consider selling Sbi, below 2050 for a target of 1740, stop at 2103 (trailing aptly on dips). Happy Short-Selling !!
Disclaimer: The said technical analysis is a perception based on various charting methods. Trades on my opinion are to be done solely at your own discretion.
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