SBI Life Insurance falls 2.9% near long-term trend line

SBI Life Insurance Company Limited shares fell 2.93% to Rs 1,675.50 near their 52-week low. Support is at Rs 1,650 and resistance at Rs 1,802. SBI Life Insurance Company Limited [

] shares fell 2.93% to Rs 1,675.50 on the daily chart. The stock is trading close to its 52-week low. The session opened at Rs 1,724.00, which was also the high of the day, and touched a low of Rs 1,658.10. Opening at the high and selling off since points to steady selling through the session. The stock is holding above a rising trend line drawn from the 2020 low, which has acted as a floor on earlier pullbacks. The price is now close to it. The RSI reads 40.43, below its average of 47.63, which shows weak momentum. It does not show that the trend line will hold. Rs 1,650 is the key support, in line with the trend line. A close below it would put lower levels in view and weaken the long-term trend. On the upside, Rs 1,802 is the key resistance. A move above it would bring a recovery attempt into focus. Neutral stance while price trades between Rs 1,650 and Rs 1,802. Disclaimer: I do not hold any position in this. This content is for informational purposes only and is not a recommendation to buy or sell. Investments in securities are subject to market risks. Please read all related documents carefully before investing.