BUY and Hold aroundRs2,250-2260,hold for Target Rs2,300 & 2344 plus
SBI has been consolidating within the context of Symmetrical Triangle From second week of September 2009 between the levels of Rs1,900-2,500. On Thursday, the stock made an attempt to breakout from the downward sloping trendline of the triangle formation mentioned above. In addition, the gain in the stock price from a low of Rs2,207 in the last week has been on back of increasing volumes, indicating strong buying at the support levels. The daily RSI is already in strong buy mode. A move past the levels of Rs2,275 could take the stock towards the levels of Rs2,350 and Rs2,370 levels in the short-term.
Keeping in mind the above-mentioned evidences, we recommend high risk traders to buy the stock between the range of Rs2,250-2,260 with a stop loss of Rs2,210.
