IGI Logo

State Bank of India 

BUY 30 JUN 1040 CALL Entry Range 10 - 12 Target 28 Stop Loss 4

Rationale

1. SBIN has witnessed a strong recovery from the recent lows and is currently trading above its 20-DEMA and 50- DEMA, indicating an improvement in short to medium term momentum. Sustained trading above the 1000 zone may continue to support the positive bias.

2. The stock prices exhibit a breakout from the falling trendline resistance near 1000-1020. A sustained move above this trendline indicates fresh bullish reversal and open the door for an upward move towards 1060-1100 levels.

3. Momentum indicators are also supporting the bullish outlook, with RSI trending above the 60 mark and MACD witnessed a positive crossover. These signals suggest strengthening buying momentum in the near term.

4. Overall, the structure remains constructive as long as the stock holds above the 1000 support zone. Any short-term consolidation near current levels may provide a favourable opportunity for the next leg of the upward move.

Please refer disclaimer at https://www.religareonline.com/disclaimer

SEBI Registration number is INZ00017433