How is SBIN Stock for Intraday Trading Today: Short Sell State Bank Of India at 1885 for Target 1858

Yesterday SBIN has made a new 52 week low at 1855 level, so we bearish in this banking stocks for short term as we believe the near term is more likely to be bearish in this stock for short term view and we would suggest intraday traders to short this stock near 1885 level for intraday targets as 1870 and then 1855 levels, as some strong selling is expected in this stock below 1888 level, open interest data of SBIN September futures contract has confirmed this selling. We have seen the short positions being added and long positions were shed on yesterday trading session. Today the stock was trading higher by about 1% at CMP of 1885 level. We also recommend traders to place their stop loss around 1900 level today. A strong resistance do exist in this stock near 1888 level. So our today’s strategy is to keep looking for short selling opportunity in SBIN stock below 1885 level on intraday trading. We are trading in the direction of the short term trend, Hence we will look for selling opportunities till the stock is trading below 1900 level. High risk traders can Short SBIN September futures contract or Buy SBIN Put options contract for intraday trading. Taking a look at the F&O open interest data we see that SBIN Futures added more than 199,000 shares in open interest, where as total open interest was at 56 lakh shares. Taking a look at technical analysis charts we see that the trend for long term is bearish as seen on the weekly chart, for short term there must be some pull back rally, but for intraday a bounce is most probably possible. So SBIN stock may attract more Sellers on every bounce today. Volume is higher than 7 days average volume, so this is to area where traders should be cautious. Technical indicators are however in favor of this trade of State bank of India stock. Our advice to investors is to stay away from SBIN as it is still on a long term down trend. So if any investor is holding long positions then we would recommend to exit the long positions in SBIN stock and wait till we see some clear positive trend again.