Trade rationale

Other – Study mentioned in Notes Below

The Script has shown a decent breakout from the previous all time resistance of 375 levels. The chart attached showing impulsive wave after breakout. The Script was in 4th minor wave formation from 2nd February that has ended on 3rd March. During this period the script has shown slowest movement comparative to other waves. This breakout initiates a short term buy call for SBI at 375 levels. Target should be placed at 70-80 points as per the count size of previous impulsive waves. At 1 Day time frame, MACD(12,26,9) stood at 20.3, ADX(14,14) at 31.66 and RSI(14) at 55.84 also suggests ongoing movement in the stock.