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Shares of the country’s largest PSU lender, SBI, today hit a near 6-week high, and technicals suggest further upside. The stock climbed as much as 3.2 per cent to 280.65 rupees, its highest since June 15.
SBI shares rose for eighth straight session, their longest rally since April 2013. The stock had gone up 8 per cent in the last 7 sessions.
The stock has broken above a resistance at Rs 279.05, the 50 per cent Fibonacci projection level of the uptrend from April 26 low to June 13. It had also broken above its 200-day exponential moving average on Wednesday, seen bullish for the stock.
SBI stock's wave pattern suggests it is in wave 3 of a five-wave cycle; the current wave is expected to rise up to Rs 294.14, the 76.4 per cent Fibonacci projection level, or higher.
Some resistance is expected at Rs 285.79, the 61.8 per cent projection level, while support is at Rs 272.3 and Rs 263.95 from the 38.2 per cent and 23.6 per cent projection levels. MACD is positive and above its signal line. The stock had fallen 12.3 per cent this year as of last close, while the broader NSE index was up 5.7 per cent in the same period.
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