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
India Regional Manager
http://in.tradingview.com
| LinkedIn
India Markets-BSE, NSE chat room- https://in.tradingview.com/chat/#b4sFOMIVqPkq8gfQ
Abhishek H. Singh, CMT
India Regional Manager
http://in.tradingview.com
India Markets-BSE, NSE chat room- https://in.tradingview.com/chat/#b4sFOMIVqPkq8gfQ
Hi Abhishekji,
This is my kind request to reply on above query.
Regards,
Anand Kumar
This is my kind request to reply on above query.
Regards,
Anand Kumar
Reply
Hi Ankumar,
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
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
Reply
Hi Abhishekhji,
Is their any chance sbi fall below 250 before expiry... Please advise this is my kind confusion.
Regards,
Anand Kumar
Is their any chance sbi fall below 250 before expiry... Please advise this is my kind confusion.
Regards,
Anand Kumar
Reply
Trading at 251
Zone 258.50--259 acted as good resistance as mentioned below & SBI trades at prior low@251