AbhishekHSinghCMT

SBIN- Above 256.50- Gap Area 264-265 to Act as Resistance

Long
AbhishekHSinghCMT Updated   
NSE:SBIN   STATE BK OF INDIA
3
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.

Comment:
14:52 Hrs 26th Sep2016

Trading at 251

Zone 258.50--259 acted as good resistance as mentioned below & SBI trades at prior low@251

Best Regards,
Abhishek H. Singh, CMT
​Growth Director - TradingView India

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