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STATE BANK OF INDIASTATE BANK OF INDIASTATE BANK OF INDIA

STATE BANK OF INDIA

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SID trade ideas

SBI to Correct soon.SBIN moved one-way from 440 to 540, resting only once around 500 Now SBI is currently standing at resistance levels, after oneside move, a breakout trade on long side after such rally has the least probability of success. Now as seen SBI clocked high volumes of the 440 to 540 leg at the highest level around 540, this shows supply is coming. Even if SBI breaks out it won't offer much upmove, after around 20-22% upmove. hence will be avoiding new longs, those who already have positions form lower levels can part book positions and hold rest with trailing SL 510. Going into results day where stock has rallied in a particular direction, expecting the momentum to continue has low Reward. Hence a limited upside view on SBIN
NSE:SBINShort
by varadtambolkar
Keep and eye on SBI!SBIN is testing it's resistance for the third time and there is a high probability that it can give a breakout this time. BANKNIFTY has also tested it's resistance for third time and has given a breakout, so there is a high chance of SBIN making it through. 3 scenarios are possible; Scenario 1 Breakout in the range of 543 and move upside to the range of 577-585, This can be the first Target. Scenario 2 Breakout in the range of 543 and test this range as support before giving an up move. Scenario 3 In case the stock fails to give a breakout, the immediate support would be 520. If it takes this support, further up move can be expected after a bit of consolidation. Please perform your due diligence before taking any trade and set a stop loss according to your risk appetite. Happy Trading :)
NSE:SBINLong
by Naren_Abbaraju
5