Weekly Picks 17th April 2023

1. State Bank of India

State Bank of India (SBI) a Fortune 500 company, is an Indian Multinational, Public Sector Banking and Financial services statutory body headquartered in Mumbai. The rich heritage and legacy of over 200 years, accredits SBI as the most trusted Bank by Indians through generations. SBI, the largest Indian Bank with 1/4th market share, serves over 45 crore customers through its vast network of over 22,000 branches, 62617 ATMs/ADWMs, 71,968 BC outlets, with an undeterred focus on innovation, and customer centricity, which stems from the core values of the Bank – Service, Transparency, Ethics, Politeness and Sustainability.

(Source: Moneycontrol, BSE, Fisdom Research)

Technical Outlook

(Source: Fisdom research)

• The interim support of 500 levels for SBIN has remained intact since Feb-2023.
• Last week, the counter closed at 533 levels up 1.02%, indicating “range to positive” outlook towards a potential range above 500/480 levels.
• SBIN has immediate hurdle cum targets of 560/580 levels on the higher-end and major 620 levels thereafter.
• Fresh entry on dips should be looked upon, as the immediate bias remains under pressure while trading below 580 levels. Positionally, major interim supports are at 480 and 420 levels.

Open Interest Study

(Source: Fisdom research)

• SBIN APR-2023 open interest suggests maximum CE build-up around 540 levels, followed by 550 levels. On the other hand, maximum PE build-up is observed at 500 and 520 levels.
• Based on open interest, consider fresh long entries on dips towards 520 levels for short to mid-term delivery in cash.

F&O Strategy

2. TVS Motor Company Limited

TVS Motor Company is a reputed two and three-wheeler manufacturer globally, championing progress through Sustainable Mobility with four state-of-the-art manufacturing facilities in Hosur, Mysuru and Nalagarh in India and Karawang in Indonesia. TVS Motor has footprints globally, including geographies like Middle East, Africa, SE Asia, Indian subcontinent, Latin & Central America. TVS Motor manufactures the largest range of two-wheelers, starting from mopeds, to scooters, commuter motorcycles, to racing inspired bikes like the TVS Apache series and the TVS Apache RR310.

(Source: Moneycontrol, BSE, Fisdom Research)

Technical Outlook

(Source: Fisdom research)

• TVSMotors concluded last week, almost at fresh all-time high levels, marking a fresh consolidation break-out hurdle of 1200 levels.
• From a technical perspective, the counter can be considered for fresh long trading and delivery bets on dips towards 1120 and 1020 levels.
• Crucial and robust support levels on the lower end are 1000 and 940.
• Immediate hurdle on the higher-end can be at 1200+ levels, which once held, can target the 1450-1500 zone in the next 2-3 months’ time-frame.

Open Interest

(Source: Fisdom research)

• April 2023 Open Interest (OI) for the counter displays maximum CE build-up at around 1200 levels, indicating resistance.
• While on lower end the maximum PE build-up is witnessed at around 1100 strike price which indicated good risk-reward ratio for fresh long bets in days to come.

F&O Strategy

Disclaimer: This document is not intended for anyone other than the recipient. The contents of this document may not be reproduced or further distributed to any person or entity, whether in whole or in part, for any purpose. If you have received the publication in error please notify the sender immediately. If you are not the named addressee, you should not disseminate, distribute or copy this document. You are hereby notified that disclosing, copying, distributing or taking any action in reliance on the contents of this information is strictly prohibited. All non-authorised reproduction or use of this document will be the responsibility of the user and may lead to legal proceedings. This document has no contractual value and is not and should not be construed as advice or as an offer or the solicitation of an offer or a recommendation to take action in consonance in any jurisdiction. Finwizard Technology Private Limited (“Fisdom”) makes no guarantee, representation or warranty and accepts no responsibility or liability for the accuracy or completeness of the information and/or opinions contained in this document, including any third party information obtained from sources it believes to be reliable but which has not been independently verified. In no event will Fisdom be liable for any damages, losses or liabilities including without limitation, direct or indirect, special, incidental, consequential damages, losses or liabilities, in connection with your use of this document or your reliance on or use or inability to use the information contained in this document, even if you advise us of the possibility of such damages, losses or expenses. Fisdom does not undertake any obligation to issue any further publications or update the contents of this document. The information stated and/or opinion(s) expressed herein are expressed solely as general commentary for general information purposes only and do not constitute advice, solicitation or recommendation to act upon thereof. Fisdom does not have regard to specific investment objectives, financial situation and the particular needs of any specific person who may receive this document. The information contained within this document has not been reviewed in the light of your personal circumstances. Please note that this information is neither intended to aid in decision making for legal, financial or other consulting questions, nor should it be the basis of any investment or other decisions. Fisdom may have issued other similar documents that are inconsistent with and reach different conclusion from the information presented in this document. The relevant offering documents should be read for further details. You should make such researches/inspections/inquiries as it deems necessary to arrive at an independent evaluation of companies referred to in this document (including the merits and risks involved), and should consult its own advisors to determine the merits and risks involved. Fisdom makes no representations that the offerings mentioned in this document are available to persons of any other country or are necessarily suitable for any particular person or appropriate in accordance with their local law. Among other things, this means that the disclosures set forth in this document may not conform to rules of the regulatory bodies of any other country and investment in the offer discussed will not afford the protection offered by the local regulatory regime in any other country. Past performance contained in this document is not a reliable indicator of future performance whilst any forecasts, projections and simulations contained herein should not be relied upon as an indication of future results. The historical performance presented in this document is not indicative of and should not be construed as being indicative of or otherwise used as a proxy for future or specific investments. The relevant product documents should be read for further details. Fisdom does not undertake any obligation to issue any further publications to you or update the contents of this document and such contents are subject to changes at anytime.