SBI has support at Rs 2550: Amit Gupta

SBI has support at Rs 2550 in the near term, says Amit Gupta, Chief Manager- Derivatives -ICICI Securities.

Gupta told CNBC-TV18, "The banks are stuck up in a range for the time being because if you look at the covering which has come up again and again in the interest rate sensitives, to certain extent it is getting over now with the time and we are not seeing any fresh buying also in that segment. Particularly HDFC Bank if you look at, we were doing a study, we were comparing the last 3 month average and this month open interest, we saw is almost 33% higher than the last three month that means near expiry you are going to see definitely a directional move in HDFC Bank from here."
He further added, "Particularly if you look at SBI, in 2600-2500 these Put Options they still have a good base, this is where 2550 remains a very good support for SBI in the near-term. On the higher side 2700 Calls, they have remained very sticky, the stock tried to close above that, finally couldn