We can long on Nifty at CMP 8343 with a stop loss at 8300 for target 8700 and above. This is a long term trade so we need to trade it in next months futures. Target time period for this trade is in the next two weeks.
Bank Nifty seems to be holding its ground very well even with all the selling pressure. Today we saw a breakdown in the negative dmi which indicates it could be the right time to position ourselves to go long with a stop loss at 17800 for a target of 18300.
State Bank of India is near its long term crucial support zone. There are two areas of support rather close to its current market price. The divergence on the dmi will also need to contract pretty soon.
Keeping the above two in mind to me it looks like a good opportunity to go long in SBI with a stop loss at 234, with a target of 260 in the next 6 trading sessions.