HDFCBANK has a good demand zone around 669-679 on its daily chart, CMP 687, everything is looking good for it. One can go long with a stop loss of just below 669 for the target above 727, another hope for the bulls.
Wednesday, June 5, 2013
SBIN: Some hope for bulls, keep en eagle eye
Dear friends, last week I wrote that now it is the time to be greedy for the bears, and I think bears are really become greedy, though market is trading in negative sentiment yet in a few stocks we can take a long position for short term, but remember once you are running 3-5% profit you need to book profit in current market scenario.
Well SBIN is one of them, we can now go long SBI for one month term, though one month term is not short term, well why SBI? Because it has placed a good Demand Zone on its weekly chart @ 1976-2057, on daily chart it has placed demand
zone 1976-2028, and currently trading @ 2035 with a positive divergence on RSI on it's hourly chart, I am not quiet sure if price will turn around right from here or not, but once price crossed 2041 it may take some strength, my point of view on SBI is that bears are now nervous to sell it short, and bulls may act now.
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