SBIN: Chart analysis, view and trading strategy


We are looking at weekly chart of SBIN stock


- SBIN is yet to give a weekly closing above the Sept 12 - Sept 19 weekly high
- support at 554 / 545 / 530 zone

Given the set up

One can wait for SBIN to close and sustain above 579 on a weekly closing basis or for at least 3 days before taking for fresh long position
Otherwise 530-540 zone could be a better place to enter

Derivatives Strategy
One may consider a Bear Call Spread strategy in SBIN for November series

Sell 600 Call option
Buy 630 Call option

Net receivables 6 points
Lot size 1500

Max Profit Potential of Rs 9000 per strategy lot till 24 Nov 2022
Profit potential of 12.5% approximately on Margin requirement

Take care & safe trading...!!!

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