SBI | SBI Stock Price: Stock Radar: 30% Off June Lows! This bank PSU stock is breaking out of a 9-month range; time to buy?

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Synopsis

The stock is trading above most of the 5,10,30,50,100 and 200-DMA short and long-term moving averages, which is a positive sign for bulls. The relative strength index (RSI) is at 66.6. SBIN’s relative strength chart against the Nifty PSU Bank Index shows a reversal pattern near a strong support zone, implying that the stock is poised for a strong outperformance in the coming weeks .

State Bank of India Ltd, part of the PSU Bank space, rose around 30% from its June lows to hit a new record high last week, suggesting the bulls are firmly in control. Short-term traders can consider buying the stock now or on dips for a possible target above Rs 600 over the next month, experts suggest. India’s largest public sector lender rebounded from a low of Rs 430 on June 20, 2022. The stock closed at Rs 553

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