Trade Idea of The Day - State Bank of India Ltd Target Rs. 38 - Religare Broking Ltd
State Bank of India Ltd
BUY 29 SEP 1050 PE SELL 29 SEP 1000 PE Entry Range 16 – 19 Target 38 Stop Loss 10
Rationale
• SBIN faces selling pressure after failing to sustain the recent recovery phase, as the stock price slips below the 20-DEMA aligned with the 1050 zone. The short-term trend remains weak as the price trades below both key moving averages.
• The immediate resistance zone is placed around 1050-1060, and any recovery towards this area may attract fresh selling. A decisive move is needed to ease the bearish bias.
• Momentum indicators remain subdued, with RSI hovering near the 40 mark, indicating limited buying strength. The MACD shows a bearish crossover, suggesting that downside pressure may persist in coming sessions.
• On the downside, sustained weakness may extend the corrective fall towards the 1000-980 zone, which remains the crucial support zone.
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SEBI Registration number is INZ00017433
