Stock of the day : Buy SBIN 530 PE For Target Rs.12 - Religare Broking
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State Bank of India Ltd
* In line with the recent underperformance of the banking index, SBIN is also witnessing pressure and gradually drifting lower.
* It has recently slipped below the support zone of long term moving average i.e. 200 EMA on the daily chart.
* The prevailing chart formation indicates a negative tone to continue.
* We thus suggest traders to create fresh short positions through the Put option.
Buy SBIN 530 PE CMP 6.95; Range 5-6; SL 2; Target 12
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