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Shares of State Bank of India rose as much 7.52% to Rs 343.25 , highest since November 17, 2017
Indian stocks, the rupee and bonds rallied on Monday, a day after exit polls showed Prime Minister Narendra Modi would retain power with a bigger majority in the parliament.
SBI stock cuts above a resistance at Rs 340.06, the 86.4% Fibonacci projection level of the uptrend from March 23, 2018 low to August 10, 2018 high (wave 1).
A close above this level may lead to further gains up to Rs 352.86, the 100% level
The stock's 5-day average volume is about 31% higher than the 30-day average volume, and was seen supportive of further gains.
Trend intensity (TI) indicator rises two points to 17, suggests a new uptrend has started for the stock; MACD is positive and above its signal line
Wave pattern suggests, SBI stock is in the third wave, typically the longest wave of a five-wave uptrend.
The stock was up 21.4% in the last three months as of Friday's close, outperforming broader NSE Index's 6.4% gains in the same period.
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