Shares of State Bank of India (SBI) have seen some short-term profit booking after touching highs in November, leading to a mild pullback in recent trading. Technical indicators suggest the stock had extended sharply, prompting traders to lock in gains around resistance levels.
Market strategist Shivangi Sarda points out that despite the recent correction, the bullish trend in SBI remains intact, and the stock has broken out of a falling channel on daily charts, indicating renewed upside potential once the profit-taking subsides. Short-term traders are advised to watch for support levels near the lower ₹960–₹955 range and consider buying on dips to add exposure at better prices.
Analysts note that SBI’s strong fundamentals and positioning within the banking sector continue to support its long-term outlook. A sustained breakout above key resistance around ₹1,000 could signal the next leg of upside momentum, while near-term volatility could persist as markets digest broader macro cues and banking sector flows.
In summary, traders and investors may see the recent decline as a temporary consolidation rather than a reversal, with dips presenting tactical buying opportunities in the near term.
