The stock is trading within a bullish channel and currently trading in the middle of the channel.
Within a channel there is a flag pattern. Wait for breakout either side to get further direction.
NSE:SBIN
Trade Setup for 29-03-2022
1) Don't Jump in to trade at the beginning of the market. Let it get settle for 15-20min first and judge the price action.
2) Everything is mentioned on the chart. I hope it is easy to understand.
3) All the levels will work as support, resistance, entry and exit w.r.t price action near that level.
4) Avoid gap up or...
SBIN long entry above 620
target 1: 428
target 2: 432
sl: 416
Sbin is on channel line support, we expect this to hold, as we have seen pin bar at our support.
We can take entry now at 623, or wait for a small pullback till 620.
Maintain strict sl, any break of this channel line will be a sharp fall in sbin.
SBIN short entry below 430
target 1: 424
target 2: 420
sl: 434
Sbin is already on short with pullback upto neckline at 430-431 on head and shoulder pattern.
We see SBIN here to follow downward trend line from here.
SBIN short entry below 430
target 1: 424
target 2: 420
sl: 432
Sbin has broken below neckline of 430, we can take short entry from here for target of 424 and 420. We can take entry now at 429 or wait for pullback upto neckline at 430.
There is previous Monthly high of 427.7 which will give some support. Below it we can see fast movement towards our targets.
SBI looks positive above the trend line. SBI can be added from these levels as there is a strong support being formed. The stock touched the low and a positive diversion was seen after which the stock is in strong positive momentum.
![SBIN: Simple Trade Setup | SBIN | 29-03-2022 [INTRADAY]](https://s3.tradingview.com/0/0S318seO_mid.png "Simple Trade Setup | SBIN | 29-03-2022 [INTRADAY]")
