The market expects you to accept losses. If you want to play in the market you better be prepared to play by the market’s rules. Accept the losses, make them small based on proper risk parameters
Today’s rally in NIFTY was born out of pessimism. Every one was bearish in market and waiting for 4910 to break and yesterday 5000 CE 11 Lakhs contract were added and market rallied to cut or scare the Writers.
Market always moves in direction which give maximum pain to traders.
State bank of India
SBI has been weak stock in today’s rally , Nifty rose 80 points on back of IT Socks but banks were lagging the Index and SBI on the front. SBI is main contributors to Bank Nifty. Inflation came at Higher rate which will see RBI increasing interest rate 25 BPS.
SBI has been supporting the trendline and Break below which will lead to more downside,If low is not broken SBI can rally to upper end of trendline.
Buy above 1829Tgt 1854,1874 and 1899
Sell below 1808 Tgt 1784,1760
It has taken resistance at Upper end of trendline today and closed below it.Best Stratergy to Short at Resistance and Buy at Support.
Sell around 419-430 Tgt 413,407 and 403
Buy around 403 Tgt 407 and 413
Move above 473 can take the Stock till 486 levels.
Buy above 474 Tgt 478,486,490
Sell below 454 Tgt 450,446 and 438