🔍 Chart Analysis (#SBICARD - NSE)
🔸 Key Resistance Level:
The stock is approaching a major resistance zone around ₹925–₹940, which has been tested multiple times in the past (notably in 2021 and 2022) and rejected.
This level previously acted as support in 2021 and then flipped to resistance after breakdown.
🔸 Cup & Handle Pattern Forming:
A cup and handle pattern seems to be forming on the weekly timeframe – a bullish continuation pattern.
The stock has completed the “cup” phase and is attempting to break out. If it clears the ₹940 zone with good volume, a strong uptrend could follow.
📈 Conclusion:
SBICARD is currently at a critical resistance level near ₹925. A breakout with volume confirmation could trigger a bullish move, validating the cup & handle breakout. However, caution is advised unless a decisive close above ₹940 is seen on the weekly chart.
🔸 Key Resistance Level:
The stock is approaching a major resistance zone around ₹925–₹940, which has been tested multiple times in the past (notably in 2021 and 2022) and rejected.
This level previously acted as support in 2021 and then flipped to resistance after breakdown.
🔸 Cup & Handle Pattern Forming:
A cup and handle pattern seems to be forming on the weekly timeframe – a bullish continuation pattern.
The stock has completed the “cup” phase and is attempting to break out. If it clears the ₹940 zone with good volume, a strong uptrend could follow.
📈 Conclusion:
SBICARD is currently at a critical resistance level near ₹925. A breakout with volume confirmation could trigger a bullish move, validating the cup & handle breakout. However, caution is advised unless a decisive close above ₹940 is seen on the weekly chart.