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 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 view, but with strict stops of that recent high on resistance neckline else scenario mentioned above to play out.
Trading at 251
Zone 258.50--259 acted as good resistance as mentioned below & SBI trades at prior low@251
Abhishek H. Singh, CMT
India Regional Manager
India Markets-BSE, NSE chat room- https://in.tradingview.com/chat/#b4sFOMIVqPkq8gfQ
Expiry is on 29th Sep2016- likely we have 4 days more. Timing wise it will be tough to suggest whether it will go below 250 or not before expiry but pricewise yesterday's gap up opening is going to be big hurdle for bears (sellers) in coming session & going above 258.50-259 -likely it will travel upside targeting 263-265 zone