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Buy SBI, target of Rs 1950: Networth Stock Broking

Posted on: June 8th, 2009 and is filed under Brokerage Recommendations.

Networth Stock Broking has recommended a buy rating on State Bank of India, SBI with a price target of Rs 1950 in its report.

“Aggressive out of the money call buying. Lowest level of outstanding in futures. Only 30.8 lacs (3 million) shares are outstanding in futures. Last time such low level of open interest was seen in April 2008. Lowest Futures to Market Cap ratio of 0.48. On the above parameters, our systems suggest that the overall outstanding in the derivatives are very low and hence, we do not see further fall in the price. SBI has corrected nearly 10% from the recent high of Rs 1941 to Rs 1735. We expect a pull back on SBI and have a price target of Rs 1950. We have put a “Buy Recommendation” on the stock with a price target of Rs 1950,” says Networth Stock Broking’s research report.

source: Moneycontrol

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