Short $SBIN CMP ₹475.30. Falling channel pattern. Stock price recently broke 50 SMA with volume. It may retest 50 SMA but MACD is showing no signs of positive volume so it may not be successful. Lowers lows on day chart. Intermediate support ₹450 area. Short term target is 200 SMA which is ₹420 area.
Trade active:
Bounced off support level of 450. General outlook is bearish but will watch price action for next few more days before calling stopped out.
Trade closed manually:
Bounced off support level and making higher high.