SBIN is currently trading near a key resistance zone around ₹1,020–₹1,030, where strong selling pressure has previously entered the market. Price has rallied sharply from lower levels and is now approaching an important supply area.
Key Levels
🔴 Strong Selling Zone: ₹1,020 – ₹1,050
Major resistance area.
High probability of fresh selling if price enters this zone.
Traders should watch for bearish rejection candles or volume spikes.
🟠 Current Resistance Zone: ₹995 – ₹1,010
Price is consolidating near this level.
Failure to break and sustain above this zone may trigger a downward move.
🟢 Target 1: ₹990 – ₹975
First support area and initial downside target.
Partial profit booking zone for short positions.
🟢 Target 2 (Strong Support): ₹940 – ₹920
Strong demand zone.
Expected to provide significant support if selling intensifies.
Trading Outlook
As long as price remains below the ₹1,020–₹1,050 supply zone, the bias remains bearish to neutral.
A rejection from the current resistance area could lead to a decline toward ₹990–₹975, followed by ₹940–₹920.
A strong breakout and close above ₹1,050 would invalidate the bearish setup and may lead to further upside.
Conclusion:
SBIN is trading near a critical resistance area. The chart suggests a higher probability of a pullback from the current levels, with downside targets around ₹990–₹975 and ₹940–₹920, while ₹1,020–₹1,050 remains the key selling zone to monitor.
Key Levels
🔴 Strong Selling Zone: ₹1,020 – ₹1,050
Major resistance area.
High probability of fresh selling if price enters this zone.
Traders should watch for bearish rejection candles or volume spikes.
🟠 Current Resistance Zone: ₹995 – ₹1,010
Price is consolidating near this level.
Failure to break and sustain above this zone may trigger a downward move.
🟢 Target 1: ₹990 – ₹975
First support area and initial downside target.
Partial profit booking zone for short positions.
🟢 Target 2 (Strong Support): ₹940 – ₹920
Strong demand zone.
Expected to provide significant support if selling intensifies.
Trading Outlook
As long as price remains below the ₹1,020–₹1,050 supply zone, the bias remains bearish to neutral.
A rejection from the current resistance area could lead to a decline toward ₹990–₹975, followed by ₹940–₹920.
A strong breakout and close above ₹1,050 would invalidate the bearish setup and may lead to further upside.
Conclusion:
SBIN is trading near a critical resistance area. The chart suggests a higher probability of a pullback from the current levels, with downside targets around ₹990–₹975 and ₹940–₹920, while ₹1,020–₹1,050 remains the key selling zone to monitor.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.