December 19, 2018 / 5:53 AM / 4 months ago

BUZZ-Technicals suggest more upside for State Bank of India

Dec 19 (Reuters) - ** Shares of State Bank of India gain as much as 2.17 pct and breaks above a resistance at 294.4 rupees

** Resistance at 294.4 rupees is identified as the 50 pct Fibonacci projection level of the uptrend from March 23 low to Aug. 10 high

** Stock’s wave pattern suggests, it is in the third wave of a five-wave uptrend, third wave is typically the longest in an uptrend

** In the near term, stock may find resistance at 305.5 rupees, the 61.8 pct projection level

** MACD is positive and above its signal line

** Stock has gained 6.92 pct in the last three months as of Tuesday’s close, while the broader NSE index is down 3.28 pct in the same period

Reporting by Gaurav Dogra

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