SBI –Buy- India Infoline
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 Rs 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 Rs2,260-2,280 with a stop loss of Rs2,235.
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