SBI Revises Interest Rate On Bulk Deposits - Stock Analysis

State Bank of India stock prices have been plummeting since the latter half of May 2013 and so have the futures prices. In addition to that open interest for SBIN futures have been rising consistently giving us a clear indication of short build up on the counter.

SBIN Jun 2013 Futures Price

SBIN Jun 2013 Futures OI

EMA crossovers have been bearish since then and as we can see from the charts, a reversal of bias is not expected very soon.


Wolfe Wave analysis of the stock also depicts  a negative bias where the stock is facing major resistance at the 1 - 4 target line (yellow) as we can see in the chart. The stock is prevailing in a weak zone where there is not enough momentum in any direction. The bias is undoubtedly negative but this may not be the right time to trade this counter due to lack of momentum. A short could be initiated  below 1928 for a target of  1810.


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