Sell SBI with a target of Rs 2180: IndiaInfoline

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IndiaInfoline is bearish on State Bank of India , SBI and has recommended sell rating on the stock with a target of Rs 2180, in its November 27, 2009 research report.

"On the daily chart, SBI has been moving in a downward channel since second week of November 2009. On Thursday, the stock broke down below the support of lower trendline, confirming the downside. The daily MACD is in sell mode, whereas the daily RSI has generated a crossover sell signal indicating further weakness. We recommend traders to sell the stock up to the levels of Rs 2,270 for target of Rs 2,180. It is advisable to maintain a stop loss of Rs 2,290 on all the short positions."

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