State Bank of India (SBIN) Stock - Complete Technical Analysis - Sep 16, 2024

State Bank of India Stock Analysis Is SBIN Ready for a Reversal Key Support & Resistance Levels

Disclaimer: This analysis is for informational purposes only and should not be considered financial advice. Investing in stocks involves risks, and it's essential to conduct thorough research or consult with a financial advisor before making investment decisions. State Bank of India (SBIN) is currently trading at 786, showing a decline of about 13.87% from its 52-week high of 912. On the upside, it is well above its 52-week low of 543.2, indicating a strong recovery in the medium term. The RSI indicates that the stock is nearing oversold territory, suggesting potential for a bounce-back, though momentum remains weak as shown by negative MACD and momentum readings. ADX is low, implying a lack of a strong trend, which may keep the stock range-bound in the short term. The Awesome Oscillator and Commodity Channel Index both show bearish signals, pointing to short-term weakness. However, with the stock trading near its 200-day EMA, this could serve as a critical support level. Key support levels are around 760, while resistance levels are near 830. A break above resistance could push SBIN toward 870, whereas failure to hold support might lead to a retest of lower levels. Long-term investors might find the stock attractive due to its strong fundamentals, as indicated by a PE of 10.6 and a book value of 423, alongside a solid dividend yield of 1.74%. Traders should monitor technical indicators like MACD and RSI for signs of reversal, while cautious investors could wait for a stronger uptrend confirmation.