The outlook for State Bank of India (₹313.60) remains positive. The stock finds immediate resistance at ₹330 and a conclusive close above that will lift SBI to new heights. The stock finds immediate support at ₹279 and only a close below ₹252 will alter the current positive outlook. While the stock may face intermittent volatile sessions ahead, we expect the undertone to remain positive.
F&O pointers: SBI May futures added over 2 per cent or 12.57 lakh shares in open interest. SBI futures also maintained its premium, signalling longs build-up. Options trading indicates that the stock could move in a range of ₹300-330 as ₹300-put and ₹330-call carry high open interests.
Follow-up: Stop loss would have triggered for Indusind Bank.