** Shares of State Bank of India rise as much 7.52% to 343.25 rupees, highest since Nov 17, 2017
** Indian stocks, the rupee and bonds rallied on Monday, a day after exit polls showed Prime Minister Narendra Modi would retain power with a bigger majority in the parliament.
** SBI stock cuts above a resistance at 340.06 rupees, the 86.4% Fibonacci projection level of the uptrend from March 23, 2018 low to Aug. 10, 2018 high (wave 1) tmsnrt.rs/2EkZgQY
** A close above this level may lead to further gains up to 352.86 rupees, the 100% level
** Stock’s 5-day average volume is about 31% higher than the 30-day average volume, seen supportive of further gains
** Trend intensity (TI) indicator rises two points to 17, suggests a new uptrend has started for the stock; MACD is positive and above its signal line
** Wave pattern suggests, stock is in the third wave, typically the longest wave of a five-wave uptrend
** Stock up 21.4% in the last three months as of Friday’s close, outperforming broader NSE Index’s 6.4% gains in the same period (Reporting by Gaurav Dogra; editing by Gopakumar Warrier)