SBKFF trade ideas
SbinSbin is in many trader's watch list and the expectations are building up. In daily time frame price is at trend line support. And in one hour chart, price has formed a triangle. Price is bullish if it sustains 596 - 604. Buy above 604 if the triangle break out has volume strength with the stop loss of 598 for the targets 610, 616 and 622. If the price shows bearish strength, then it will try to take support at 578 - 584 level.
SBIDate-30/12/2022
CMP-613.70
Stock trying to move highs with low volumes as per above data.
OI Data-Jan 2023
As per OI Data as on 30/12/2022 total calls-16389 and total puts-13,349
Put Call Ratio=0.81 it indicates bearishness.
Resistance:
Call Strikes= 620(2226 contracts) and 630(2015 contracts)
Support:
Put Strikes=600(2375 contracts) and 580(1889 contracts)
Opinion:
OI Data suggesting stock bearishness and stock also moving high's with low volume.Whoever wants to buy wait for sometime add in tranches.Whoever holding stocks book some profit and reenter at lower prices.
Important:In Jan Q3 Results and Budget sessions will majorly effect Banking stocks.Whoever wants to take any position be carefully analyze the data.
Note:This is my opinion,Please analyze data properly and take positions.No one is responsible for your loss except you.
Swing Trade Setup for SBIN -Fasp Levels
The FASP for SBIN is listed for 11-1-2023 . You can add this levels to your trade setup for better results. This should not be the only indicator but an additional tool to increase your winning possibilities.
What is Fibolysis Anchor SupRes Points(FASP)?
It is a unique level arrived by using Fibonacci Retracement , Fibonacci Extension , Standard Pivot levels under various Timeframes. It is an extensively analyzed level to draw the support and resistance levels for the next day. You can use these levels along with your trade setup to increase your winning odds.
Validity of the levels: 1 Day
How to use these levels?
The three levels on both sides are usually easily achievable. The Targets above are bit difficult to achieve in a single trading session. I use this fact to write intraday positions and to buy options.
Color Coding: Green is regular support and buying area, Red is strong exit area
Disclaimer: This is shared in the interest of educational purpose and for knowledge enhancement. Kindly refer it in the same light. I am not responsible for any profits or loss incurred based on this information.
GO LONG ON SBINThis is swing trade
The has reached to a important level according fib retracement
The stock can futher can go down in worst case scenario upto 575 whnen banknifty will take support from 42000 or test the levels .
fib rectrament is at .618 which is golden ratio the target will be 660 which is next ratio
This is for educational purpose