SBIN view

SBIN; is an intresting STOCK to study for all CYCLE ANALYSTS not only to understand the structure for the STOCK itself but also to understand the structure for MARKET as a whole.
Plenty of times in past,
I have mentioned that dispite (NIFTY) moving higher there are certain STOCKS which are not showing signs for a CYCLE breakout.
Hens I have been very scepticle on calling for a fresh CYCLE breakout on INDIAN INDICES.
NIFTY BANK already have ruled out that possiblity,
NIFTY too should follow,
but for now we are waiting for 1 particular level to break on downside.
More on that later,
For now I dont want to assume anything.
Let me highlight one more point here,
There are 2 stocks which did not printed fresh highs.
1, was SBI and other was RELIANCE,
strange isn’t it?
Both the STOCKS are extremely important for INDIA as a country.
Meanwhile lets get back to SBIN now,
Starting from the TOP,
the decline from 629 to 499 lasted only 48 calender days,
just 48 days…
since that low the stock have completed 209 days and that high of 629 is still intact.
I dont think after multiple failed attempts that high will cross now.
So that makes it an ideal sell on rise candidate,
all upsides till 590 should be sold for PATTERN target of 529 on cash.
TIME wise 2nd week of SEPTEMBER very important here.