SBIN - Warning sign for almost all PSU banking stock
In my premarket stock analysis I quoted this about SBIN
"Technicals are suggesting that we may see a dip of rs 40-50 now. We can trade on short side with stop loss above 2288 for the target of 2170 to 2150. Use some intraday rise to short this stpck. PSU banks may not have good days ahead."
Then in the morning impulse also it has failed to even cross 2280 levels.
Trade below 2250-2240 - Giving no worry for short for a move towards 2200.
If breaks and start spending time below 2200 then it can see more crash in coming days.
(I was already not believeing that repo rate can do wonder for banking stocks. I strongly suggest you to make some study on PSU bank's NPA figures. I may be wrong but I am surely very concerned.)
Technical charts are suggesting that current breakdown can push this stock lower towards 2050-2000 levels in coming days.
Regards,
Praveen Kumar
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