SBI Share price today - in consolidation phase with negative bias: Technical’s highlighted by Choice Broking
Sumeet Bagadia, Executive Director, Research at Choice Broking says that after continued upside movement, now SBI is in consolidation phase with negative bias which shows some profit booking for the near term. The price has shifted below 9*21 Simple Moving Averages with negative crossover, which indicates downward move. Moreover, the stock has also sustained below the Middle Bollinger Band & Parabolic Sar, which suggests weakness in the counter.
SBI has been finding resistance at Rs 395 levels; any breakout above that level will extend the rally towards the level of Rs 410 – Rs 415. However, on the downside, the stock may take the support at Rs 378 levels: Reuters