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The shares of State Bank of India (SBI) gain as much as 0.72 per cent to their highest since September 3 and breaks above a resistance at Rs 305.5. Resistance is identified as the 61.8 per cent Fibonacci projection level of the uptrend from March 23 low to August 10 high.
Stock's wave pattern suggests it is in the third wave of a five-wave uptrend, the third wave is typically the longest in an uptrend. In the near term, stock may find resistance at Rs 319.25, the 76.4 per cent projection level.
Trend Intensity (TI) indicator at 17 suggests prices are trending upwards, MACD is positive and above its signal line. The stock had gained 16.1 per cent in the past three months as of Wednesday's close, compared with the broader NSE index's 5.4 per cent rise.
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