Intraday trading setup found on state bank of India SBIN charts, Stock has been facing resistance near 1900 level which is 61.8% Fibonacci retracement level. Also another confirmations for this short position is Bank Nifty is also trading near resistance of 9200 level, even there we may see correction of about 300 points. Today Nifty future is trading at psychological level of 5000, some profit booking is still expected after 10 days rally. If we look at open interest in SBIN January future, we see there is 8% jump in open interest suggesting addition of short positions. Trading in the direction of medium term trend we keep looking for selling opportunities, this time its near strong resistance of 1900 level. Our advice to traders is short sell SBIN in cash or future depending on trader’s risk enter short near 1900 level for trading target of 1877 and then 1867 level. Stop loss orders can be placed just above 1914 level. The trading idea discussed here is completely based on technical analysis, if you wish to learn technical analysis call us at +91-9970777789. Nifty future may consolidate by trading sideways in today’s trading session. Banking sector may see short positions being built today, so stay cautious and track open interest data carefully.
This is intraday trading idea on state bank of India, so positions must be squared off today itself.