Technical Buzzer| Charts of SBI show bullish momentum, Use dips to accumulate

Shares of State Bank of India have are in the midst of a bullish momentum, making higher highs and higher lows across all time frames over the last few sessions. Trader Arun Kumar Mantri of Mantri Finmart has recommended to Accumulate the stock at the current levels to ride this momentum.

At 3 PM on July 15, shares of SBI were trading up 2.5 percent near the 880 level.

Arun Kumar Mantri said, "SBI is making higher highs and higher lows on all the time frames. The price is trading well above the major moving averages, and the Bollinger Band is also expanding on the higher side, indicating a bullish range expansion."

Buy SBIN at Rs 880 | Stop Loss: Rs 854 | Targets: Rs 925-945

"The support for the counter is placed at 868 and 855 on the lower side, while 925-945 will be the next targeted levels above the all-time highs. On the flip side, the derivatives data is also suggesting a bullish formation, with the 900 Call option exhibiting the first sign of short covering as the price moves higher in the underlying stock," said Mantri.

Mantri recommends short-term traders go long in the counter at the current level of 880, keeping a stop loss below 854 for targets of 925-945 in the near term. The holding period is 7-8 sessions.Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.