BUY : SBI , swing tradein.tradingview.com
In the recent days there has been a heavy selling pressure on BankNifty, icing on top being outperformance by Nifty IT. SBI along with other banks suffered due to the ADANI fiasco. But things seem to be settling now and SBI has shown resilience for 520-525 levels.
There have been two instances one on the budget day 1 Feb, and the other on the following day 2nd Feb where SBi tested sub 500 levels but closed above 521 on both occassions. Now it seems that the selling pressure might be over for an intermediate term and accounting for the same, one can attempt a BUY trade on SBI at 527-528 levels where a strict Closing basis stop loss should be kept at 521.
Targets can be in range 543-545. Given the expiry is close, we cannot rule out a short covering in Banknifty given the negative sentiments in recent times and with it we can vouch on a healthy participation of SBI with Banknifty's upmove.
PS : Markets are still choppy, keep your trading position sizes in control.
