SBIN - The Master Key No-269259274 (50 Points)

A master key, which can open several locks while each lock would also open by its own unique key- I mean by individual piece of analysis. 50 points back to back which was followed on the post.

19:04 Hrs 31st May 2018
Day High@275
Last Price@270

Trading with me 21st/22nd May 2018
It all started with the idea Trading with me 21st/22nd May 2018 which coincided with SBIN results - we got 259 as important resistance & once we cross that level 259 becomes support -which is called "polarity reversal" in technical analysis , whenever resistance turns its role into support & vice versa.

SBIN - 259 - I Knocked Your Door!!!
270 Resistance - we got 1st leg to 260 - Holding 260 -pushed upside to 274 - suggested we look for downside move holding below 275 & we knocked 259 , finally pushed again holding 259 -key support level &completed 4 legs back to back reaching 274-275 today@31st May 2018 (Forming Double Top )

What Next ?

Holding Below 274 -275 ( Double Top ) or selling close to 275 we shall look again to 265 - 259 levels but this time if 259 is broken -it can take SBIN to 245 - below 245 to 237-238 & in case 232 is broken then it becomes too hot to hold so just leave it.

Alternate Strategy
Above 275 - Be cautious as strict stops below 275 for any move above for 280 - 285 ( Note - No Long Trades if SBIN holds below 275)

Shall be happy to have your comments.
Trade active: 09:55 Hrs 1st June 2018

Last Price@267

As suggested above it is holding above 265 - Going below 265 & holding below 265 - we shall look again for 259-260 zone & if 259-260 holds -look for bounce again 270-275 -278 - If 259 is pierced then we move down as suggested in update.
Trade active: 12:21 Hrs 1st June 2018

Last Price@265.50

265 is important level so turning upside holding that as support can be a possibility if it holds we look for 269 -270 as target & above 270 for 272-273 but holding below 274-275 -going above 275 surely it moves swiftly upside more.
Kindly do not hold below 265 -on intraday basis - going below 265 -we look for 259-260 & buying again in that zone.
Best Regards,
Abhishek H. Singh, CMT
​Growth Director - TradingView India

YouTube Channel https://www.youtube.com/channel/UCYcnYveYBNLD-Qp54hvZogw

Twitter Handle

Telegram Handle


which pattern you are following on this script as no any pattern but all explained is resistance and support. Analysis is good but i want to learn this analysis as well. any reference will be appreciated
@siddmuk2005, I am an hard core elliottician & follow wave analysis. You can learn from book written by frost & prechter - elliott wave principle. I am just aware of only 20-30% in last 5 years & still learning.
siddmuk2005 AbhishekHSinghCMT
Very Well Explained !!
AbhishekHSinghCMT prateek.duseja
@prateek.duseja, Welcome