Stock of the day : State Bank of India Ltd For Target Rs. 850 - Religare Broking Ltd
State Bank of India Ltd
Buy State Bank of India Ltd CMP 807.75 Range 806-808 SL 785 Target 850
* PSU banking stocks are gaining traction, with SBIN witnessing a catch-up move.
* The stock recently broke out of an inverted head and shoulders pattern, though the breakout was short-lived leading to a pullback in line with market trend.
* However, it has since resumed its upward trend, forming a pivot above the breakout zone, which aligns with the moving average ribbon.
* We anticipate a sustained up move hereon, potentially materializing the pattern breakout.
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SEBI Registration number is INZ000174330
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