SBI Cards Gains On Supertrend Signal, Says Analyst
SBI Cards and Payment Services is showing signs of a potential uptrend, according to analyst Sameer Pande. The stock has triggered a positive supertrend breakout on the monthly chart, while the RSI stands at a healthy 63, suggesting strengthening momentum.
In a recent note, Sameer Pande, a senior analyst at SEBI RA, highlighted the bullish outlook for SBI Cards, citing the supertrend signal as a key driver of the stock’s upward momentum. The supertrend indicator is a technical analysis tool that uses a combination of moving averages and the average true range to identify trends and potential breakouts.
On the monthly chart, SBI Cards has broken out of a consolidation phase, with the stock price rising above the supertrend line. This breakout is considered a strong bullish signal, as it indicates that the stock is likely to continue its upward trend.
In addition to the supertrend signal, the Relative Strength Index (RSI) is also indicating a healthy level of momentum. The RSI is a popular technical analysis indicator that measures the speed and change of price movements. A reading above 70 is generally considered overbought, while a reading below 30 is considered oversold. In the case of SBI Cards, the RSI is currently standing at 63, which suggests that the stock is not overbought and has room for further upside.
The weekly chart also supports the bullish view, with the RSI hovering around 67. This reinforces the ongoing upward strength and suggests that the stock is likely to continue its upward trajectory.
SBI Cards has been a key performer in the Indian banking sector, with the stock price rising by over 20% in the past year. The company’s strong fundamentals, including a growing customer base and increasing revenue, have driven the stock’s upward momentum.
In conclusion, SBI Cards is showing signs of a potential uptrend, with the supertrend signal and RSI indicating strengthening momentum. The stock’s weekly chart also supports the bullish view, suggesting that the stock is likely to continue its upward trajectory.
