SBIN- Above 256.50- Gap Area 264-265 to Act as Resistance
Strategy-1 (Long)
IF SBIN moves above 256.50-257 zone, which was rejection zone yesterday- can go to fill the gap area between 264-265 once it gets activated -one has to put strict stops below 253 as the markets could be volatile.
Going Forward unless we get a close above gap area - we will maintain the bearish view in SBIN & open with downside target as mentioned in an earlier update shown below
Strategy -2 (Short)
If there is a bounce & SBIN touches the neckline -this time same neckline will act as resistance line & once we see SBIN failing to cross that line - can take a bearish view, but with strict stops of that recent high on resistance neckline else scenario mentioned above to play out.
IF SBIN moves above 256.50-257 zone, which was rejection zone yesterday- can go to fill the gap area between 264-265 once it gets activated -one has to put strict stops below 253 as the markets could be volatile.
Going Forward unless we get a close above gap area - we will maintain the bearish view in SBIN & open with downside target as mentioned in an earlier update shown below
Strategy -2 (Short)
If there is a bounce & SBIN touches the neckline -this time same neckline will act as resistance line & once we see SBIN failing to cross that line - can take a bearish view, but with strict stops of that recent high on resistance neckline else scenario mentioned above to play out.
Best Regards,
Abhishek H. Singh, CMT
Growth Director - TradingView India
YouTube Channel https://www.youtube.com/channel/UCYcnYveYBNLD-Qp54hvZogw
Twitter Handle
https://twitter.com/TalksWave
Telegram Handle
(Deleted)
Abhishek H. Singh, CMT
Growth Director - TradingView India
YouTube Channel https://www.youtube.com/channel/UCYcnYveYBNLD-Qp54hvZogw
Twitter Handle
https://twitter.com/TalksWave
Telegram Handle
(Deleted)
Trading at 251
Zone 258.50--259 acted as good resistance as mentioned below & SBI trades at prior low@251