Will SBIN be the savior or will it be the party pooper.
On daily charts earlier stiff resistance was in the 1610-1590 bands which now can act as support.
Also on the weekly cart there is support at 1600-1590, below these supports SBIN can target 1540 and then 1450.
However a successful test of the supports will make it stronger and then it can again target 170 regions.
One more factor to be considered is the addition of OI as SBIN closed in the red, which indicates additions of short positions.
IF 1600-1590 breakdown expect more weakness in SBIN and on the contrary if these levels are held expect short covering to come in.
So positional people short only if 1590 breaks down.
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