State Bank of India offers an excellent opportunity in a trade off between risk and reward just now. The scrip has hit a bottom recently of Rs 147.60. But in the current rise, should the scrip slip back it can be expected to take support at a higher bottom establised at Rs 159.60. The scrip closed on Tuesday at Rs 168.Earlier the scrip has flared to the level of Rs 234. No one can say if the scrip will go back to that level. But the bullish undertone is sustained in the market, punters can be expected to pick SBI for a ride up.
Considering this, SBI becomes an extremely attractive play for both the short and medium term players. Buy some and should it decline buy more! Stop loss can be put at Rs 156 for short term traders.
Copyright © 1999 Indian Express Newspapers (Bombay) Ltd.
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