Attached: SBILIFE Daily Chart as of 21st April 2023
For the Levels, it is already marked in the Chart (SELF EXPLANATORY) Stop Loss > 1136
Downside Target 1= 1074 Downside Target 2= 1054
For the Thesis as to why it is a SHORT:
- the 17th April Candle was a Breakout Candle that turned out to be a BULL TRAP Candle, so all the Bulls that entered got Liquidated as the Low of the Candle was taken out - with the 21st April Candle (latest candle) Bears entered the stock giving a Breakdown below POC of the Volume Profile - All Insurance Stocks saw Selling on Friday, even HDFCLIFE is similar and Bears have taken over in that Stock as well. So a Weak Sector too
Note: Both SBILIFE and HDFCLIFE have Earnings on 26th April (the coming Wednesday)
Trade closed manually
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given the Short Squeeze in HDFCLIFE, this Trade in SBI Life is no longer high probability, hence closing it