Technical Outlook & Trading Strategy:-
The Share price of State Bank of India appears to be forming an Inverted head and shoulder pattern.
A breakout from the said pattern would be confirmed once the share price breaks above the neckline resistance level of Rs 2020.
Traders can look to buy at current price and again on pullback to the levels of Rs 1930- Rs 1920 for the above mentioned first target and place a stop at Rs 1887.80.
Once the stock price trades below Rs 2020, traders can add to long positions with a revised stop placed at Rs 1950.
We believe that if the Inverted Head & Shoulders formation does record a breakout, the stock price could head towards the levels of Rs 2080/ Rs 2130.
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