SBICARD : Anticipating a Breakout
SBICARD appears to be on the verge of breaking out on its daily resistance line after a bullish move from ₹699 to ₹933. Following a correction, the price has formed a 12345 wave pattern and is now bouncing back from its support on the daily chart. This indicates potential for a breakout above the resistance trend line.
However, if the price fails to break this trend line, it may retreat to its ideal buying zone of ₹664 – ₹630, where demand is expected to increase after clearing supply. This could lead to a new bullish run for the stock.
For investment purposes, a buying call is anticipated with a stop loss at ₹630. Upon breaking out above the resistance trend line, the price target ranges from ₹813 to ₹800, with a possible retracement to ₹750 before continuing higher. Eventually, the stock may aim for targets of ₹963 – ₹996 after forming suitable price action.
In the event that the price fails to hold the ₹664 – ₹630 level, which represents a golden zone for profit booking by sellers, it would indicate a lack of buyer interest in the stock.
📊📉 **Disclaimer:** This analysis is for informational purposes only and does not constitute financial advice. Investors should conduct their own research or consult a financial advisor before making any investment decisions.
