SBILIFE

Technical View

Price is in a tight bull channel since March 2025, with a consistent series of higher highs and higher lows, showing Buy the Close behavior. The breakout above the April-May consolidation range shows strong bull trend resumption, but the rally is now testing a prior resistance zone (~₹1835–₹1850) from August–September 2024, where a Double Top had formed. This increases the odds of a pullback or a trading range developing if bulls fail to sustain above ₹1850. Recent candles show strong bull bars with good closes near the high, suggesting institutional buying. However, the last few swings are forming a micro wedge, increasing chances of a bear surprise bar or profit-taking. Trendline support around ₹1820 is key — a close below it may trigger a deeper pullback toward ₹1750–₹1720 range.