Buy State Bank of India for target of Rs 315: Hadrien Mendonca

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Hadrien MendoncaIIFL

State Bank of India has been in a declining mode for quite some time and has finally broken out from a Symmetrical Triangle pattern on the daily chart.

SBI has also surpassed its long-term 200-DEMA and also convincingly closed above the same. The Relative strength index also confirms that the current strength is likely to get extended further.

We believe the stock has a potential of moving higher towards its potential target of Rs 315 in the medium-term.

Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are his own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.