SBIN has formed lower low double bottom.
Fresh longs are seen building up in the stock.
Long position can be initiated in the stock with stop loss of 245.
Price has crossed 50 / 20 DMA and should take support at 50 DMA.
OI Analysis:-
Option chain analysis suggests that bears are trapped in this counter.
Since expiry is close by , I expect short covering to take this stock to higher
levels soon.
Highest OI at the call side is @ 300.
Targets and Stop Loss :-
Stop Loss :- 260 ( 20 EMA and 50 DMA Above it)
Target :- 330
Fresh longs are seen building up in the stock.
Long position can be initiated in the stock with stop loss of 245.
Price has crossed 50 / 20 DMA and should take support at 50 DMA.
OI Analysis:-
Option chain analysis suggests that bears are trapped in this counter.
Since expiry is close by , I expect short covering to take this stock to higher
levels soon.
Highest OI at the call side is @ 300.
Targets and Stop Loss :-
Stop Loss :- 260 ( 20 EMA and 50 DMA Above it)
Target :- 330
Trade closed: target reached