Trade Idea of The Day - SBI Cards Ltd Target Rs. 25 - Religare Broking Ltd
SBI Card Ltd
BUY 25 AUG 650 CALL Entry Range 11 – 14 Target 25 Stop Loss 6
Rationale
* SBICARD has formed a bullish reversal from a rising trendline support of 600-620 zone and has sustained its recovery above the 20-DEMA and 50-DEMA, indicating a meaningful improvement in the short term trend. The recent price action suggests that buying interest has emerged at lower levels.
* The stock prices are recently a reversal from the 20-DEMA, keeping the positive bias intact. Immediate support is placed around 640-635, and sustained trading above this zone could encourage further accumulation on dips.
* The daily RSI hover near the 60 mark, reflecting strengthening momentum without entering the overbought zone. This indicates scope for further upside in the near term.
* On the weekly timeframe MACD histogram continues to trade in a positive territory which supports the bullish bias. A decisive breakout above 675 could strengthen the reversal and pave the way towards the 700 mark in the coming sessions
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