SBI trading below 200-SMA, initiate short for a target of Rs 240
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NEW DELHI: Brokerage Reliance Securities in a note on Tuesday set the target price for the largest state-run lender SBI to Rs 240. The brokearge in a report cited that the stock closed below its 200-day simple moving average (SMA) on Monday, down 3.1 per cent.
The stock closed below its 200-day SMA of Rs 278 for the day. On Tuesday, the scrip was quoting 2 per cent higher.
"Both MACD and RSI continues to depict the weak trend in the stock with next major support placed only at Rs 235-240 range once the stock closes below level of Rs255," the brokerage said.
"Combination of short and long term averages in the range of Rs 280 to Rs 300 will keep stock under pressure at higher levels," it added.
Thus, for Tuesday's trade, the brokerage firm recommends investors to initiate short position only in Rs280-290 range for target of Rs240 with a stop loss of Rs305.
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