SBIN(399) - Smart money has moved price higher to lock the profit takers around 330 region. As posted earlier, we will be keeping Our shorts below 408 and a breakdown of 393 for target 330. Though signals have confirmed breakdown, will be adding more positions on price breakdown confirmation.
I didn't understand what you meant by "lock the profit takers around 330 region" ? Can you please add more detail on this ?
subravi
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@raharora, Smart money find the script has more potential to next trading band. But the script has long term strong hurdle around 330.Retail investors would have planned to book profit around the region. It would be difficult for SM to move further to the next trading band if retailers started booking profits which will be followed with panic selling. So to restrict the retailers from profit booking, smart money will absorb the initial profit bookers and will the support at 330 and then do a quick gap opening near the next band high region and complete the distribution setting the retailers the new target for profit booking. Hope this clarifies.
raharora
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@subravi, wow thanks for sharing this perspective.
Interesting take on things indeed.
I'm also short on SBIN since last friday, despite that it still hasn't broken the gap up support.
Also, aren't you missing the previous ATHs of 370, 350 levels before the 330 zone ?