SBI has formed a 5 wave impulsive wave and after which went through a 3 wave correction phase. After the correction phase again SBI rallied and completed the next wave 1, and as part of wave 2 a small correction is expected
A small correction may take SBI to 2176
On Fibonacci levels connecting low of correction wave C and high of impulsive wave 1 i.e. 2074 & 2239 following levels have support
23.6% - 2201
38.6% - 2176
50% - 2157
61.8% - 2137
Immediate support levels are 2201 & 2176. Any dip for SBI is a buying opportunity and will make the stock look more strengthened and will rally further after this small correction
After wave 2 correction, wave 3 correction can take the stock upto 2279 to 2302 levels in next 2 weeks period
On RSI indicator, SBI looks very strong and can further move up until it goes upto over bought zone, a move upto 2302 is on cards after a small correction. Already on Fri correction has started with stock masking a low of 2205
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