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Technical Observations

* The share price of SBI Cards has witnessed a breakout from six months consolidation range (|1139-883) signaling resumption of uptrend and fresh entry opportunity

* We expect the stock to maintain positive bias head towards | 1240 levels in the coming weeks as it is the 138.2% external retracement of the recent consolidation range (| 1139-883)

* The stock has taken 26 weeks of consolidation against 20 weeks of rally from | 770-1139. indicating shallow retracement, suggesting inherent strength

* The base of the recent consolidation is placed at the confluence of the 20 weeks EMA and 61.8% retracement of November 2020 to March 2021 rally (|770-1139) signaling positive structure

* The weekly MACD oscillator has recently generated bullish crossover positive bias over medium term

Buy SBI Cards and Payment Services Ltd @ 1125.00-1140.00 TGT 1240 SL 1080

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