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11 May 2008

Best Indian Banking stock: SBI trading strategy week ending 16 May

1. SBI has entered in a down trend as per technical chart indications as a bearish engulfing candle has been formed and thus it is very likely that stock will touch 1601 levels.

2. In case the stock is able to battle the onslaught than at best it can be range bound between 1601-1899 and the same can function for a few weeks.


3. However if the stock breaks 1599 level than one has to be careful as in that scenario the stock can touch 1350-1399 levels.

4. Key supports for stock:1599 and 1499.

5. As a strategy one can go short below 1759 levels to make a few quick bucks from Indian stock market best banking stock which is presently in downtrend.

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