SBI Elliott Wave Analysis and Technical Analysis

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 SBI daily chart

SBI hourly chart


As per daily chart, the banking stock is positively poised and it is moving in a positive trend. As of now it is trading near the important support zone. Also it has formed a rounding bottom and the target of the pattern comes to 316 levels. RSI has relieved the overbought zone and can quickly move back up from here.

From hourly chart, higher highs and higher lows are intact and prices are all set to rise from current levels as far as 275 is intact on the downside (closing basis). RSI is near to the oversold terrain and can move back up from here.

As per Wave theory, the stock is moving in wave v of wave c. The ongoing leg has still some vacuum to reach its target.

The summation is SBI is all set to climb near till 312-316 resistance zone over short term ith support at 275 (closing basis).

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