State Bank of India may test Rs 2475, says Manghnani

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, “After 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.”

He further added, “If 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.”

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