Trade Idea of The Day - State Bank of India Target Rs.25- Religare Broking Ltd
State Bank of India
BUY 30 MAR 1110 CALL SELL 30 MAR 1140 CALL State Bank of India Entry Range 12 – 14 Target Range 25 Stop Loss 9
Rationale
* On the daily chart SBIN has witnessed a sharp pullback toward the rising trendline of the ascending channel and showed signs of demand near the 1080-1100 zone, indicating strong structural support.
* The stock prices has reclaimed the key moving average of 50-DEMA, while the broader trend remains intact above the 100-DEMA, suggesting the medium-term uptrend is still healthy.
* The key momentum indicators are stabilizing as 14-Day RSI rebounds from lower levels, hinting at exhaustion in the recent selling pressure and a potential reversal in momentum.
* Additionally, the MACD histogram on the weekly chart continues to trade in positive territory, reinforcing the broader bullish bias and supporting a potential rebound toward the 1140-1150 zone.
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