Target Price for State Bank of India (SBI) Share - 18th May

Today's Opening - 243

Today's High - 244

Today's Low - 238

Today's Closing - 239

I am writing on this stock after almost 2.5 years.

 

This is the lowest closing since 26th April, 2018 with lower volumes over the last eight sessions. The 12, 26-day Moving Average Convergence Divergence has been negative since 28th Dec.

 

The 14-day Negative Directional Index has become stronger than the Positive Directional Index over the last three days and it's broadly been that way for most of the past five months.

 

The closing has been below the 5-day Exponential Moving Average for the past four sessions. The 10-day Rate Of Change has become negative now.

 

The 20-day Commodity Channel Index has gone negative over the last three days. The 2-day Relative Strength Index too has remained below 50% for three days now.

SBI has lost 11% over the past three months. The stock has a strong support at 232. The stock is not showing any signs of a quick upward movement. If at all 232 gets broken, then my forecast is that the stock might sharply come down to 166. Keep accumulating on every drop.