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State Bank of India (SBI) has shown significant resilience vis-à-vis the rest of the PSU banking space. Also, ahead of its SBI Card IPO, significant long positions have been formed. The current open interest in the stock is close to the highest ever. The stock has seen continued Call writing at ATM 330 and 340 strikes while in the recent recovery, closure of positions was seen. The OI in 330 strike has declined to 3500 contracts from almost 5000 contracts seen a couple of days back. We believe downsides would be limited in the stock and it can be bought for upsides towards | 350.
Buy State Bank of India Ltd @326 - 328 SL 317 Target 348
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