Derivatives strategy for State Bank of India by HDFC Securities

BUY SBI JULY FUT @ Rs 200.7

Stop loss of Rs 195

Target Rs 210

Rationale:

• Symmetrical Triangle Breakout with the higher volumes on the daily chart
   
• Higher tops and higher bottoms on hourly and daily chart
   
• The stock has long build up of more than 25% in the July Series
   
• The stock price is also placed above all important moving average parameters
   
• Indicators and Oscillators are showing bullish signs
   
• We recommend buying SBI July Fut at CMP, for the upside target of 210, keeping Stoploss at 195.

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Disclaimer: Vinay Rajani is Technical Research Analyst at HDFC Securities. Views are personal.