SBI has been hit due to Adani saga as it is one of the biggest lenders to the group. However, we will see the issue from a broad perspective.
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The investors have paid higher prices over time to buy State Bank of India and the stock is in a rising trend channel in the medium long term. This signals increasing optimism among investors and indicates continued rise. It also gave positive signal from the rectangle formation at the break up through the resistance at 562. Further rise to 697 or more is signaled. The stock has broken a resistance level in the short term and given a positive signal for the short-term trading range. The stock has support at rupee 540 and resistance at rupee 625. The stock is overall assessed as technically positive for the medium long term.
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