Once among the highest valued banks in the country but its valuations have fallen sharply. The stock has formed sort of an inverse C&H and any breakdown here could move the stock down a further 10-20% with relative ease.
There are 2 ways this rate works out..If there is a bounce we go long above 280 with a SL below 275. But if the inverse C&H plays out then short below 275 with a SL above 280 for an initial target of close to 250.
As its on a key support its difficult to say which way it will move so keeping both options open is a better suggestion. whichever way it moves the trade can be kept ready.