📈 State Bank of India – Rising Wedge, Resistance Retest

🔹 Price Action CMP: ₹870.8 (+1.61%) – steady uptrend continues. Price retesting all-time high zone near ₹895–900. Forming a rising wedge pattern, showing narrowing momentum. 🔹 Technical Observations Resistance: Heavy supply zone at ₹895–900. Support: Strong base at ₹820–800 (50W EMA + wedge support). Pattern Risk: Rising wedge often signals possible pullback if breakout fails. 🔹 Indicators Relative Strength: Positive, but nearing overbought territory. Trend: Medium-term bullish; short-term facing resistance. Volume: Stable but no decisive breakout surge yet. 🔹 Key Levels Immediate Resistance: ₹895–900. Major Resistance: ₹915 (sustained breakout zone). Immediate Support: ₹820. Major Support: ₹800. 🔹 Strength & Risk ✅ Trading near record highs with strong trend support. ✅ EMA structure remains bullish. ❌ Rising wedge – vulnerable to profit booking. ❌ Breakout not yet confirmed above ₹900. 🔹 Outlook Short Term: Likely consolidation between ₹820–900. Medium Term: Close above ₹915 opens path to ₹1,000+. Risk: Breakdown below ₹800 weakens structure. 📌 Strategy Traders: Wait for breakout above ₹900 with SL ₹860; target ₹950–1,000. Investors: Accumulate near ₹820–850 with SL below ₹800. 📢 Disclaimer: This is educational analysis, not investment advice. 🧑‍💼 Rajneesh Sharma – SEBI Registered Research Analyst (INH000020332).