Bullish Setup For SBI: SEBI RA Deepak Pal Sees Breakout Above ₹825

State Bank of India (SBI) is currently in a strong upward trend, supported by solid fundamentals and supportive technical trends.

SBI stock is trading well above its 14-day and 55-day exponential moving averages (EMAs), indicating strong support and sustained buying interest, said SEBI-registered analyst Deepak Pal.

The stock recently bounced from a low of ₹802.80 on June 27 and climbed to a high of ₹824.90 on July 1, he noted.

Currently, the stock is encountering minor resistance around ₹825. However, given the recent price action and trend strength, a decisive breakout above this level could pave the way for a quick rally towards ₹840 - ₹850 in the near term.

In the short term, any dip near the ₹800 – ₹801 zone presents a potential buying opportunity, Pal said. Investors could consider entering positions around this level with upside targets of ₹840 - ₹850, a 6.25% return if the broader market sentiment remains supportive. He cautioned a stop loss at ₹790.

SBI is in a strong position fundamentally and is an attractive pick, especially for long-term shareholders.

In FY24, SBI reported a net profit of ₹61,077 crore and Net Interest Income (NII) of ₹1.27 lakh crore, marking over 20% growth. With gross NPA down to 2.24%, net NPA at 0.57%. Backed by 17% ROE, 1% ROA, rising retail and corporate credit demand, and rapid digital expansion, SBI’s long-term prospects look promising.

Retail sentiment on Stocktwits remained ‘bullish’ for India’s largest public sector bank.

Year-to-date, the stock has climbed 1.7%.

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