STATE BANK OF INDIASingkat
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
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
Penafian
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