SBI reports earnings tomorrow.
Earlier this evening Girish updated a sheet showing the Open Interest changes in SBI since this new series began.
You can find that sheet of Girish at this link : SBI Sheet
There was an OI reduction in SBI as it went lower by the close.
The above sheet clearly shows that.
Most of that change happened in the last one hour .
Here's a profile chart of SBI future :
The chart above shows single print selling on the 31st and the momentum adding up on the 4th.
Here is the delta chart which shows the seller building up the pressure.
Notice as the market moved from 2335 lower there weren't any new shorts entering in .
The chart above also tells me that SBI is ripe for a short covering rally regardless of what news finally comes out tomorrow.The downside looks limited from current levels.
But if there is a move on some good news flow, the ensuing rally will be a big one in SBI.