SBI looks positive on the weekly as well as the daily chart. Thus, be ready for a fresh breakout on the daily chart.
State Bank Of India has declared Q1 results with a net profit of Rs. 4,189.34 for the June-ended quarter. Moreover, there is an upsurge in profits. In the last year for the same quarter, the net profit was Rs.2312.20 which got nearly doubled on year on year basis.
The profits declared by the State Bank of India are much higher than the expected figure. Precisely, analysts beat the estimates.
State Bank of India is showing strength as forming a triangle pattern on the weekly chart.
After a long consolidation phase, it is now ready for a fresh breakout.
In the last two weeks, SBI traded with positive bias while stock is trading above 21DEMA and 55 DEMA.
SBI has immediate support at 418 and resistance at 436—441
Above 432, it could test 436—439—441 levels.
Three consecutive closes + weekly close above 441 will see a nonstop rally in SBI till 478—498+++ levels in days to come.
Who will stop SBI above 500 levels???
Positional stop loss below 400