SBIN on a weekly chart, stock price is making lower low, higher low pattern, suggesting it may move further down, also stock price i.e. 184.30 is trading near the 52 week low i.e. 181, indicate negative outlook for the stock.
On the BB front price i.e. 184.30 are ridding the ‘Lower Bollinger Band’ and also the bands are widening, thus indicating negative momentum. Momentum oscillator MACD has given a negative crossover, RSI is at 48 moving southward, have more room left on downside, which add more bearishness for the stock price.
Looking towards the chart study, we believe any trade below 52 week low i.e. 181, stock will further fall towards 170, 165 levels, where else 214 will act as a strong resistance.
For the one who build long position, they can hold with a stop loss at 145 levels or add more at 145-155 levels.
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