NSE Code: SBIN
SBI is a public sector bank with current market capitalization of Rs. 255,867.92 crore
Today (26 July, 2018) PSU banks gain the most rising 5.5 percent. SBI was the biggest gainer in Nifty gaining 5.83%.
Equity benchmark has touched fresh high today due to buying interest in banks, financials and Auto.
In SBI EOD chart pattern I am seeing cup and handle formation
If I draw Fibonacci Retracement for short term SBI has reached to resistance level of 289.9 this becomes a wait and watch situation as I expect it has reached to a supply zone and there will be some profit booking on the way till 78.6% retracement coming to 277.7 still I will not be buyer here but will wait for 61.8% retracement for price of 268.
You can see in below chart first resistance is at 289.6 and second resistance is at 303.5 with a support of 265.8 and 250.4
All the indicators are showing a Strong Buy signal, but I will wait for correction and will go with Fibonacci Retracement.
Wait for couple of days if it comes to 78.6 % retracement 277.7 than Buy with a target of 303 and 332[/vc_column_text][/vc_column][/vc_row]