State Bank of India
What an Earning shocker for Indian’s Largest bank and collapse in Stock.
State Bank of India’s fourth quarter net profit tumbled 98.8% YoY to INR 208.8 Mn on higher provisioning against non-performing assets and gratuity.
SBI broke its important short term support at 2500 and stock quickly gave a 100 point move on downside.
Shall we buy SBI now? NO NEVER EVER THINK OF BUYING A FALLING KNIFE.
I have marked the important support levels for SBI if it reached this level in this week small buy only for long term shall be intiated for a Trader’s perceptive shorts can be taken but do not think of going long as trend is down.
Support comes around 2230 and 2140 from here we can see bounce but overall trend remains down
Levels for Today
Sell below 2401 Tgt 2358,2334 and 2300 SL 2420
ONGC
ONGC went down yesterday on news of Higher subsidy sharing from Oil Companies and Stock tanked.
Technically looking stock has still not broken its short term support and can see a bounce back if 273 is saved.
Yesterday fall was of Higher Volumes,delivery based selling has occured.
On Bounceback what levels should be watche,Fibo retracement from High of 297.7 and low of 275.4 should be taken.
Sell below 275.5 Tgt 273 and 269
Buy above 280.6 Tgt 283.8 and 286.4