SBILIFE Short term view on 15th December 2020

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SBILIFE has given a trend line breakout on 10th November and continued to rally till 881 levels and started to retrace to retest it's 21 day moving average. It is also near it's partially filled gap of 840-844 on daily chart. This could be strong demand zone as multiple support indicators are observed here. Only concern is a bearish head and shoulder breakdown visible on daily line chart. 

Still I want to take the risk and buy at this level as this pattern is not working much on downside these days. I ll be buying around 846 levels with a stop loss below 838 levels for 920 levels in short term.

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