State Bank of India Stock Forecast

Red day on Monday for State Bank of India stock after losing 0.448%
(Updated on Jun 24, 2024)

SBIN.BO Signals & Forecast

The State Bank of India stock holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the stock giving a positive forecast for the stock. On further gains, the stock will meet resistance from the short-term Moving Average at approximately ₹842.02. On a fall, the stock will find some support from the long-term average at approximately ₹826.85. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. A buy signal was issued from a pivot bottom point on Tuesday, June 04, 2024, and so far it has risen 7.41%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Some negative signals were issued as well, and these may have some influence on the near short-term development. Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely.

Support, Risk & Stop-loss for State Bank of India stock

On the downside, the stock finds support just below today's level from accumulated volume at ₹789.65 and ₹775.20. There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, State Bank of India finds support just below today's level at ₹789.65. If this is broken, then the next support from accumulated volume will be at ₹775.20 and ₹740.05.

This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved ₹15.20 between high and low, or 1.85%. For the last week, the stock has had daily average volatility of 1.84%.

Our recommended stop-loss: ₹795.76 (-4.43%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 14 days ago.)

Trading Expectations (SBIN.BO) For The Upcoming Trading Day Of Tuesday 25th

For the upcoming trading day on Tuesday, 25th we expect State Bank of India to open at ₹829.85, and during the day (based on 14 day Average True Range), to move between ₹809.08 and ₹856.22, which gives a possible trading interval of +/-₹23.57 (+/-2.83%) up or down from last closing price. If State Bank of India takes out the full calculated possible swing range there will be an estimated 5.66% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at ₹836.40 (0.45%) than the support at ₹789.65 (5.16%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.

Is State Bank of India stock A Buy?

Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for State Bank of India stock to perform well in the short-term.

Current score: 1.993 Buy Candidate Unchanged

Predicted Opening Price for State Bank of India of Tuesday, June 25, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.