NSE:SBIN   STATE BK OF INDIA
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

Trade closed: target reached

Comments

Book 50 percent at first target.
Reply
1st target is 330 and second one would be around 360..
Reply
SBI as you said is moving towards your target of 330 from their will it reverse or move up?
Reply
leenasanj leenasanj
@leenasanj, Sir, SBI strong resistance around 320? Your view please
Reply
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