State Bank of India (SBI) may test Rs 2475 and JP Associates has trading target of Rs 115, says Anil Manghnani, Modern Shares & Stock Brokers.
Manghnani told CNBC-TV18, â€œAfter breaking out recently, JP Associates has given you a pullback all the way from Rs 105-106 right to Rs 97-98 yesterday and then again showed a nice sharp reversal. I think maybe with Rs 97 as a stop play for a bigger move. Now you are in a bull market, so it is difficult to say where the stock is going to go finally. So I think you take one step at a time, eventually probably longer-term the target could be closer to Rs 130 but I think for now with the volume breakout Rs 115 seems to be more likely trading target.â€
He further added, â€œIf you look at the SBI chart, if someone can look at the February top of Rs 2475 and the October top I forget the number but if you connect those two points, it has a trendline breakout that has happened at Rs 2330 a couple of days back and then further you saw bigger move yesterday also. So I think now it has moved quite away from that trendline breakout, keeping that as a stop maybe Rs 2330-2320, I think it should go and retest the February high of Rs 2475.â€