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SBI shares today hit near 3-week high, and technicals suggested more upside. The stock jumped as much as 2.89 per cent to Rs 275.65, its highest since October 10.
The stock broke above a resistance at Rs 269.57, the 23.6 per cent Fibonacci projection level of the uptrend from March 23 low to August 10 high (wave (1)). The wave pattern suggested that the three-wave correction that started on August 10, has completed, The stock is now in the initial wave of a five wave uptrend(wave (3)).
In the near-term, the stock may find resistance at Rs 283.3 and Rs 294.4, the 38.2 per cent and 50 per cent projection levels. MACD is above its signal line. The stock had gained 0.9 per cent in the last one month as of Monday's close, while the broader NSE Index's had fallen 6.22 per cent in the same period.
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