Dussehra Pick 2024 Stock Picked : SBIN by Choice Broking Ltd
State Bank of India Ltd
State Bank of India (SBIN) is currently trading at 794 and is forming a symmetrical triangle pattern on the daily chart, accompanied by significant volume, signaling a potential bullish reversal. The stock is also consolidating near a rising trend line, which acts as a strong support area. Additionally. SBIN is taking support around the 200-day EMA. further reinforcing the possibility of an upward move towards the #880 and 950 levels. Immediate resistance is noted at 836.
On the downside, key support levels are at 760 and 750. The Relative Strength Index (RSI) is currently at 49.7. indicating a positive trajectory with growing buying momentum.
Considering these technical indicators, SBIN presents a promising buying opportunity, particularly on dips around the 780 level, Investors could target price levels of ?880 and 950 in the near term. However, it is crucial to employ effective risk management strategies to mitigate potential market fluctuations and protect against downside risks.
Buy SBIN @ 794 & add Upto 780 the Target of 880/950
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SEBI Registration no.: INZ 000160131
