SBI is another stock which carries good weightage in Nifty and if this performs well (and ONGC giving the push) then we can still stall the fall in Nifty without worrying about the performance of RIL.
How much ever I want to believe in the inverse H&S on the weekly chart below I won’t be convinced till it breaks above 1600 and closes above that. The shaded area on the chart resembles a small double top and break of 1300 might not augur well for SBI (1300 to 1600 has been the range for it for some time now).
The daily chart below(on the right) corroborates the above view, but what makes the SBI the favorite among traders is the RS chart (on the left) which shows that SBI has been pretty strong vis a vis the index!
"Mistakes are the usual bridge between inexperience and wisdom."
Phyllis Theroux
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