Positional Buy - InvestmentStock had underperformed the index since last 10 years and was consolidating between 320-150 range. Finally, stock has given a multiyear channel breakout above its crucial resistance zone of 320-350 with volume. RSI on weekly charts have crossed 60 mark indicating bulls are in power. Weekly closing above 350 mark is indicating that SBIN is getting ready for a decisive up move. New government is likely to work on financial reforms and the PSU major is likely to outperform in coming years. Government and RBI is strongly acting to recover bad loans and reduce NPA. Going forward stock may seen more buying momentum. Long term investors may think of having this PSU major in their portfolio with 1-2 year outlook. Hedgers may apply covered call approach for assured 2.5-3% monthly return. Swing traders may apply bull call spread for June series.
