SBIN closed near its resistance of 1633. Banking stocks have corrected in range of 30-70% in past 2 months on concerns of credit growth. Banking are the front runner of economy and hence they are one to lead the fall or rise in Nifty.
Looking at chart of SBI selling pressure has abated as stock is boucing as soon as it go near 1588-1600 levels giving indication strong hands have started accumulating this and in matter of time where it will show a rally.
Buy above 1637 TGt 1649,1669,1692 and 1714.
Above 1714-15 stock will show a quick rally till 1780 odd levels
Now if you see the chart closely Stock has corrected till 400. As 400 was the breakout level so pullback till 400 is technically justified.
In Bear Market FMGC is the safest bet for Long Only Fund Managers.
Buy above 404 Tgt 407,413,416 and 420
Buy above 702 Tgt 710,720 and 734
Buy above 2816 TGt 2836,2863 and 2911
2836 is trendline resistance failing to cross it Stock will again fall in its trading range of 2820-2750
Sell below 2789 TGt 2761,2750
It’s a Range Play in Infy till it do not close above 2840
Please apply SL in any trade you take,Always remmber SL are put in range of .5-1% for Day trader and 1.5-2% for Swing traders. Basicaaly SL are the money you are willing to Risk/loose in a single trade.
As a disciplined trader you need to put in your Sl as soon as trade gets triggered and many trader avoid doing it, that’s the main reason of their looses.
If you want to be successful trader its your RISK MANAGEMENT and MONEY Management only that will help you.