State Bank of India (SBIN) Stock - Complete Technical Analysis - Nov 07, 2024

State Bank of India (SBIN) Stock Analysis: Key Support, Resistance, and Future Trends

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 witnessing bullish momentum with a slight pullback from its 52-week high of 912.00. The stock's P/E ratio of 11.6 indicates attractive valuation compared to its peers, while the ROE of 17.3% suggests good profitability. With technical indicators showing a mix of bullish and overbought signals, traders should watch for a potential consolidation before the next move.

The Dragonfly Doji pattern today suggests a potential bullish reversal, supported by the MACD and Awesome Oscillator showing positive momentum. However, the stock is nearing overbought levels on the RSI and Stochastic RSI, indicating a possible short-term pause or dip. The 10-day EMA is showing bullishness, but traders should be aware of the ATR indicating price volatility.

Support is likely around the 806-820 region, and resistance lies in the 860-876 range. A break above resistance could push the stock toward 900-912 levels. The stock is expected to stay strong as long as it holds above the key support levels. Investors can wait for pullbacks to enter or hold their positions for longer-term gains.