Buy State Bank of India; target of Rs 2144: IIFL

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Buy State Bank of India; target of Rs 2144: IIFL

IIFL is bullish on State Bank of India (SBI) and has recommended buy rating on the stock with a target of Rs 2144 in its February 1, 2012 research report.

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IIFL is bullish on State Bank of India (SBI) and has recommended buy rating on the stock with a target of Rs 2144 in its February 1, 2012 research report.

"State Bank of India (SBI) on the daily chart has formed 'rising three methods' on candlestick which is bullish continuation pattern. Such pattern has appeared after price retracing to breakout point of Rs1970 and then moving up gradually. The immediate resistance for stock is seen at Rs2105 which is 200 DMA but breakout from long consolidation is projecting major resistance close to Rs2,280. The daily RSI is indicating a spike into a bull market territory which supports buying argument in the counter. We recommend buying SBI above Rs2,073 with stop loss of Rs 2,038 for target of Rs 2144.(Duration7 Days)," says IIFL research report. 

Institutional holding more than 40% in Indian cos

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