Below is the technical chart of State Bank of India (SBI), listed on Indian stock exchange, using Ichimoku Kinko Hyo indicator. For better results, I've used weekly time frame.
|State Bank of India (SBI) Technical Chart|
The price is trading inside kumo, which is no trade zone. On the upper side, chikou-span line will face resistance at kijun-sen line @2335.7. But the main point here is flat kijun-sen line @2023.70. Not only on this chart, but many charts on Sensex are showing the same flat lines. Now, does that mean that market is planning for 10% correction? Who knows the answer? But time is good to book profits.
If you're a mutual fund investor, continue with your SIP.