Buy State Bank of India Ltd 430 PE For Target Rs. 20 - Religare Broking
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Derivative Ideas
SBIN closed flat at 440.3 on 8th Mar. The stock has seen a breakdown below 460 with a breakaway gap on daily charts. BANKNIFTY trading weak and SBIN is trading in sync with its pack. In spite of intraday up move seen in SBIN, we believe counter is bearish until it starts trading above 445-450 levels. We recommend to go Short in SBIN with the PE option.
Strategy:- BUY SBIN MAR 430 PE @ 10-12, SLOSS AT 7, TRGT 20.
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