Shares of State Bank of India were seen trading with high volatility post declaring its Q4 results on Thursday. The largest lender reported 83 per cent jump in profit for the quarter ending March 23. In addition, the bank announced a dividend of Rs 11.30 per share.
Technically, State Bank of India’ shares are well placed above the breakout mark of Rs 565 from a short-term to medium-term perspective.
For an upward breakout, the counter now needs to show stability over the barrier of Rs 590 level. A consecutive close over this mark could garner more bullish bias. Breakout shall then see an immediate rally in the direction of Rs 620 and Rs 630, which are its next key obstacles.
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