Buy State Bank of India Ltd Aug 540 CE For Target Rs.22 - Religare Broking
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Derivative Ideas
SBIN gained 2.72% and closed at 528.2 on 27th July. The stock has been rising after a trendline breakout at 490 levels. Now the stock has surpassed its previous swing high with the addition of Fresh Longs in its FUT. The move was also supported by incremental volumes. We expect SBIN to test 545-550 in the short term and thus suggest buying CE as per the given levels
Strategy:- BUY SBIN AUG 540 CE @10-12, STOP LOSS 6, TARGET 22
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