ICICI Direct's research report on State Bank of India
Recommendation
Buy State Bank of India in range of Rs 353-359, Target: Rs 410, Stop Loss: Rs 324, Time frame: Three months.
Derivatives & Quantitative Outlook
The banking space has remained largely range bound in the last couple of weeks with stocks like State Bank of India underperforming the benchmark indices in the ongoing volatility. We believe the stock has substantial room for upsides. After remaining range bound for some time, the up move is likely to continue towards Rs 400 and higher. Open interest in the stock has increased significantly since January along with price movement as long positions were formed in it. Despite the recent profit booking in the stock, the open interest has marginally declined while price has taken support of Rs 350. We believe long positions are still intact in the stock suggesting prevailing long bias still exists.
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