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Sunday, 3 February 2013

State Bank of India SBI - Time to Sell


Next one after Bharti Airtel call for sell is State Bank of India. As mentioned in my post on Bank Nifty, the banking sector as a whole is looking tired after the run up to RBI announcement.

SBI has given confirmed sell signals on weekly and daily charts.
Please read the analysis further.

Weekly Charts observations:
Stochastics has given a sell signal.
Weekly bearing engulfing candle.
Divergence in RSI.

Daily Chart Observations:
Stock has given several negative signals. But we are entering late since we were waiting for confirmation in the weekly charts. Watch if the stock is attempting to bounce back on Monday/Tuesday. And sell on reversal from resistance.
MACD Bearish Crossover
SSTO Bearish sell hook
Declining RSI



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