In the previous session, the Nifty index saw a positive opening in the morning session but failed to sustain above 17600 levels. The monthly expiry volatility was seen in the market throughout the day. In the second half of the session the market witnessed selling pressure again. Technically. The index formed a bearish candle on the chart and ended the session with a net loss of 88.30 points. Due to derivative month expiry, the price action will remain volatile, hence a stock specific approach is advisable for the next trading day.

Look at the below research report of ‘Stocks to Buy for – Thursday, November 25, 2021’ before the market opens.

State Bank of India

NSE :SBIN   BSE :500112  Sector : Banks

In the daily time frame, SBIN share prices are moving in the form of Impulse wave pattern. As per Elliott wave theory, there is a clear impulse rise as shown on the daily chart and the stock is currently moving in the form of corrective wave 4. Stock can take support near 467-468 levels. At that point stock is expected to resume its upside gain. The 50 EMA support is acting very well for the stock.

In short, SBIN looks to be at a support level with bullish up move expectations. It is the right time to invest in quality stocks whereas the market is on the down side. Positions can be created on dip around 467-468 levels, which can take prices towards 545 and 602 levels. On the other side, the level of 449 will act as key support for the stock.

Check More Analysis on SBIN at: State Bank of India