Market Trading Guide: SBI Life Insurance among 5 stock recommendations for Monday – ​Stock Ideas

The stock has broken the ‘Decreasing Supply trend line’ on the daily chart with a Bullish candlestick. The overall structure of the counter is very bullish, as it is trading above all the major moving averages. Also, the Ichimoku Cloud technical indicator shows that the price is trading above the conversion & baseline, indicating a bullish trend on the counter. The RSI momentum indicator reading (14) is above the 55 level.

So, based on the technical structure mentioned above, one can initiate a Buy position in the stock at CMP Rs 222.95, or a dip in the price up to Rs 220.50 level can be used as a buy opportunity for an upside target of Rs 237. However, the bullish view will be dispensed with. if the stock closes below the support level of Rs 216.
(Mahesh Prakot, Research Analyst, Bonanza Portfolio)

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