SBI has found support at 2130 level, and in the current consolidation phase 2130 level got visited twice and just reversed at 2131 & 2132. Similarly in the last 2 trading sessions 2140 level has acted very strongly with SBI visiting that level again twice one at 2144 & another time at 2147
All of these levels tell us that 2130 to 2140 is a very important level to watch, if this level hold well and if a quick rally is to come up anytime starting Mon then add 150 to 170 points from 2130 so anywhere between 2280 to 2300 is possible
From the above chart we can see that force index is about to make a upward trend. Note it is just an indicator, if news flows are positive next week then I suggest that going long on SBI will give a good return of 3% to 4% in next couple of trading sessions
On Bollinger Band upper limit is showing 2262, so immediate uptrend target for SBI can be kept around 2260 to 2265 levels and if it goes past that 2300 should be on cards very easily
Similarly Nifty levels to watch are 5200-5250 & 5300. Currently 5150 acts as resistance and breaking that decisively can give further rally upto another 100 points
Above given chart shows fibonacci retracement levels with 2130 acting as major support level & between 2130 & 2140 there is a very strong support zone formed. If that does not get broken then we may see an upmove in next couple of trading sessions
SBI Jun 14th '12 & Jun 15th '12 Intraday analysis
Jun 14th - Intraday trend
From the above intraday chart we can clearly see that 2140 is acting as major support level, around 2144 SBI chose to reverse. More buyers seen than sellers and hence the downtrend stopped and moved back to 2150 levels
SBI has taken entire day to create a steady decline from R4 to S1 levels
SBI - Jun 15th Intraday Analysis
More info & reference links
To know more about Force Index Volume & Price Oscillator, Bollinger Band & Fibonacci retracement levels please visit the below given links for more information
http://stockcharts.com/school/doku.php?id=chart_school:technical_indicators:force_index
http://stockcharts.com/school/doku.php?id=chart_school:technical_indicators:bollinger_band_width
http://stockcharts.com/school/doku.php?id=chart_school:chart_analysis:fibonacci_retracemen
All of these levels tell us that 2130 to 2140 is a very important level to watch, if this level hold well and if a quick rally is to come up anytime starting Mon then add 150 to 170 points from 2130 so anywhere between 2280 to 2300 is possible
On Bollinger Band upper limit is showing 2262, so immediate uptrend target for SBI can be kept around 2260 to 2265 levels and if it goes past that 2300 should be on cards very easily
Similarly Nifty levels to watch are 5200-5250 & 5300. Currently 5150 acts as resistance and breaking that decisively can give further rally upto another 100 points
Above given chart shows fibonacci retracement levels with 2130 acting as major support level & between 2130 & 2140 there is a very strong support zone formed. If that does not get broken then we may see an upmove in next couple of trading sessions
SBI Jun 14th '12 & Jun 15th '12 Intraday analysis
Jun 14th - Intraday trend
From the above intraday chart we can clearly see that 2140 is acting as major support level, around 2144 SBI chose to reverse. More buyers seen than sellers and hence the downtrend stopped and moved back to 2150 levels
SBI has taken entire day to create a steady decline from R4 to S1 levels
SBI - Jun 15th Intraday Analysis
More info & reference links
To know more about Force Index Volume & Price Oscillator, Bollinger Band & Fibonacci retracement levels please visit the below given links for more information
http://stockcharts.com/school/doku.php?id=chart_school:technical_indicators:force_index
http://stockcharts.com/school/doku.php?id=chart_school:technical_indicators:bollinger_band_width
http://stockcharts.com/school/doku.php?id=chart_school:chart_analysis:fibonacci_retracemen
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