SBICARD : Towards ending correctionSBI Cards (SBICARD)
Analysis
Wave Count: Completion of a 5-wave corrective structure, with Wave 5 ending near the liquidity sweep zone at ₹668.75 (golden Fibonacci retracement zone).
Key Levels:
First Target: ₹738.00
Second Target: ₹783.00
Stop Loss: ₹650.70 (on a daily close basis)
Trend Indicators:
Price is below the 100-SMMA, signaling bearish pressure.
A break above this moving average would confirm bullish momentum.
Trading Plan
Entry Zone: Around ₹675.05 (near the completion of Wave 5).
Confirmation Criteria:
A strong bullish candle with above-average volume breaking and closing above ₹685.
Stop Loss: ₹650.70 (on a daily close basis).
Targets:
First Target: ₹738.00
Second Target: ₹783.00
Risk-Reward Ratio: Favorable for entries near ₹675, with potential upside toward ₹783.
