In the previous session, Market traded on a narrow range and closed the day with a net gain of 69 points. The Nifty index saw a positive opening in the morning and traded in the range bound throughout the day with positive bias. Technically, the Index formed a small Bullish candle on the chart and closed above the previous day’s high which indicates a positive or sideways market for the next trading day. Hence, we recommend approaching the markets in a positive way. Use every dip as a buying opportunity to further up move.

Look at the below research report of ‘Stocks to Buy for – Friday, July 30, 2021’ before the market opens.

State Bank of India

NSE :SBIN   BSE :500112  Sector : Banks

On the daily chart, we can see that prices have formed a ‘V- Bottom pattern’ and are currently placed above the Neckline resistance zone. It is a powerful reversal pattern seen in all time-frames. In the daily chart of SBIN, we witnessed a price fall near 320 levels in the month of April 2021 and then a complete retracement of the bearish movement after that.

After the completion of V- pattern on 27^th May 2021, stock was facing multiple hurdles near 435-440 levels. In the previous session, Stock made a new high near 443.60 levels with strong momentum. Buying confirmation was made with the help of 14 days RSI which is currently placed near 62.44. Along with these 20 days Moving average is acting very well on the stock.

In a nutshell, the trend of SBIN is positive. If we take projection of Fibonacci retracement then there is a possibility of seeing the target of 490 levels. For the near term, the zone of 420 has now become a key support for the stock. ‘Buy on dips’ would be an ideal strategy to enjoy the upside ride.

Check More Analysis on SBIN at: State Bank of India