Trade Idea of The Day - State Bank of India Ltd Target Rs.28 - Religare Broking Ltd
State Bank of India Ltd
BUY 23 NOV 1000 CALL SELL 23 NOV 1050 CALL Entry Range 10 – 12 Target 28 Stop Loss 5
Rationale
• On the daily timeframe, SBIN has witnessed a corrective phase from its recent highs of 1,100 and is currently showing signs of recovery after testing its crucial rising trendline support zone around 940-950.
• The stock has recently reclaimed its short-term average of 20-DEMA and is inching higher towards the 50-DEMA zone, indicating that the broader trend remains constructive. A sustained move above 990-1,000 would strengthen the recovery momentum.
• The 14-Day RSI has recovered and is hovering near the 50 mark, reflecting improving momentum, while the MACD histogram shows early signs of stabilisation. However, confirmation of a sustained bullish reversal is still awaited.
• From a technical prospective 940-950 zone remains a crucial support area. Holding this level may trigger a recovery towards 1,000-1025, whereas a decisive breakdown below 940 could extend the corrective trend towards lower levels.
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SEBI Registration number is INZ00017433
