WHOLE OF INDIAN STOCK MARKET HAS BEEN ON STRONG BEARISH TREND. SBI HAS BEEN TRADING ON SAME BEARISH TREND SINCE 27-FEBRUARY-2020. TODAY'S BULLISH MOVE IN SBI HAS GREAT SELL OPPORTUNITY FOR SELLERS. SBI IS TRADING AROUND 235-240 MARK. AS WE CAN SEE LEVEL OF 230 TO 240 HAS BEEN VERY IMPORTANT LEVEL FOR STOCK. WHEN EVER STOCK TRADES ABOVE THAT LEVEL IT ACTS LIKE SUPPORT AND BELOW THAT STOCK TENDS TO GET STRONG RESISTANCE. ONCE AGAIN STOCK HAS BROKE TO THE DOWN SIDE AND RETESTING THAT LEVEL. SUPPORT AND RESISTANCE LEVELS ACTS AS MAGNETS AND WORKS AS OPPOSITE ONCE GETS BROKE. UP TILL NOW THE LEVEL OF 230-240 WAS GIVING STRONG SUPPORT TO STOCK. NOW SINCE IT HAS BROKEN THAT LEVEL ON THE DOWN SIDE IT SHOULD ACT AS STRONG RESISTANCE FOR STOCK.
WHERE WE CAN LOOK FOR SHORT OPPORTUNITY.
SELL ENTRY: 235-245
STOP LOSS: 280
TARGET: 185 (RETEST OF TODAY'S LOW)
WAIT FOR SIGNAL TO SHORT ON LOWER TIME FRAME (M-15/M-5) LIKE, DOUBLE TOP, LOWER LOW LOWER CLOSE CANDLE, OVER BOUGHT LEVEL WHICH EVER YOU PREFER.
WHERE WE CAN LOOK FOR SHORT OPPORTUNITY.
SELL ENTRY: 235-245
STOP LOSS: 280
TARGET: 185 (RETEST OF TODAY'S LOW)
WAIT FOR SIGNAL TO SHORT ON LOWER TIME FRAME (M-15/M-5) LIKE, DOUBLE TOP, LOWER LOW LOWER CLOSE CANDLE, OVER BOUGHT LEVEL WHICH EVER YOU PREFER.
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