SBI hits record high, technicals suggest more upside
Domestic shares surged to record highs as counting began on Thursday morning.
Shares of State Bank of India rose as much 5.3 per cent to a record high of Rs 359.15.
Domestic shares surged to record highs as counting began on Thursday morning, with early trends indicating a major lead for Prime Minister Narendra Modi's National Democratic Alliance (NDA).
SBI stock broke above resistance at Rs 352.86, the 100 per cent Fibonacci projection level of the uptrend from March 23, 2018 low to August 10, 2018 high. Breakout suggests, in a few days SBI shares may test the next resistance at Rs 366.6, the 114.6 per cent projection level.
SBI's five-day average volume was around 43 per cent higher than its 30-day average volume, which is supportive of further gains.
Trend intensity (TI) indicator rose two points to 21, suggesting prices are trending upwards. MACD was positive and above its signal line.
Wave pattern suggests that SBI was in the third wave, typically the longest wave of a five-wave uptrend.
SBI has gone up 15.3 per cent this year as of last close, outperforming broader NSE Index's 8.1 per cent gain for the same period.
Domestic shares surged to record highs as counting began on Thursday morning, with early trends indicating a major lead for Prime Minister Narendra Modi's National Democratic Alliance (NDA).
SBI stock broke above resistance at Rs 352.86, the 100 per cent Fibonacci projection level of the uptrend from March 23, 2018 low to August 10, 2018 high. Breakout suggests, in a few days SBI shares may test the next resistance at Rs 366.6, the 114.6 per cent projection level.
SBI's five-day average volume was around 43 per cent higher than its 30-day average volume, which is supportive of further gains.
Trend intensity (TI) indicator rose two points to 21, suggesting prices are trending upwards. MACD was positive and above its signal line.
Wave pattern suggests that SBI was in the third wave, typically the longest wave of a five-wave uptrend.
SBI has gone up 15.3 per cent this year as of last close, outperforming broader NSE Index's 8.1 per cent gain for the same period.