Stock name: SBIN
Pattern: RSI Divergence
Time frame: Daily
Observation: SBIN is in a sideways trend since November 2021, after a big rally of 1.5 years after the Covid fall. The stock is currently trading near the said range’s low and further, we can see a bullish RSI divergence, meaning that the momentum of the fall is less as compared to the earlier fall. This can be an early sign of a reversal as the downward momentum is fading out, however, a wait and watch approach has to be adopted.
You may add this to your watchlist to understand further price action.
Disclaimer: This analysis is purely for educational purpose and does not contain any recommendation. Please consult your financial advisor before taking any financial decision.
News for the day:
1) Allsec Tech’s and Quess Corp.’s boards approved merger of both the companies. The merger is subject to the approval of respective shareholders and creditors of both the companies, stock exchanges, SEBI, the NCLT and other regulatory authorities as may be required. Till the scheme becomes effective, both the entities will continue to function independently. “The combined entity (post-merger) will mean a larger organization with expanded offerings. The combination would allow to attract and retain talent given additional opportunities opening up in the combined entity. Further, it will reduce statutory compliance requirements,” Quess Corp. said in a BSE filing.
2) The US Federal Reserve is not trying to engineer a recession to stop inflation but is fully committed to bringing prices under control, even if doing so risks an economic downturn, U.S. central bank chief Jerome Powell said yesterday night.
3) Indian Economy to grow 7.5% in FY23, will be world's fastest growing: PM Modi. The PM also said that the NDA Govt. has brought about transformative changes to enable technology-led growth in sectors such as space, new economy, green energy and data.
4) Glenmark Pharma said that US FDA has issued Form 483 to it with 6 observations for its Baddi unit.