Sell SBI between CMP to 320: HDFC Securities

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Observation  The stock is showing negative bias for the short term and it has completed the rising wedge pattern in larger degree which is a bearish reversal pattern.  Price has completed “wave v” of major “wave C” at 336 levels which is a 38.2% projection level of “wave iii & iv”.  Breakdown of 2-4 trendline has been witnessed which confirms the end of bullish rally.  Now price is in progress of new falling leg of some larger degree or minor degree; initially price could slide down towards change of polarity line placed around 290.  Traders could sell the stock between CMP to 320 with the stoploss of 331 on closing basis for the target of 290.

LINK
http://www.hdfcsec.com/Share-Market-Research/Research-Details/StockReports/3011086