Technical Analysis for SBI and identify the chart pattern for May 2025

State Bank of India (SBI) exhibits mixed technical signals across timeframes, with a dominant bullish bias in medium-to-long-term charts. Here's the breakdown:

Key Chart Patterns

1. Bullish Harami (Daily & Weekly)

   • Daily: Formation detected but lacks strong volume confirmation4.

   • Weekly: Stronger signal with high-volume backing4.

2. Higher Highs & Higher Lows

   • Medium-Term (Daily):

     • Top: ₹822.40 (22-Apr-25), ₹780.80 (24-Mar-25)

     • Bottom: ₹742.20 (09-Apr-25), ₹688.80 (28-Feb-25)24.

   • Long-Term (Monthly):

     • Consistent upward trajectory since 20204.

3. Resistance Levels

   • Immediate resistance at ₹822.40 (Apr-25 high)4.

   • Long-term resistance near ₹863.65 (Dec-24) and ₹889.35 (Jul-24)4.

Critical Technical Indicators

Conflicting Signals

• Bullish:

  • Weekly Heikin Ashi pattern with high volume4.

  • All moving averages (MA5–MA200) in "Buy" territory3.

• Bearish:

  • Daily MACD bearish crossover (4.58 vs. signal 9.67)2.

  • Overbought stochastic (81.18)3.

Price Action Outlook

• Short-Term: Potential pullback toward ₹762–₹780 support (Super Trend + Fibonacci levels)23.

• Medium-Term: Upside target of ₹863–₹890 if ₹822 resistance breaks4.

Technical strength remains divided, but institutional ownership by 500+ mutual funds5 and long-term bullish patterns suggest accumulation at dips. Monitor ₹800–₹822 range for breakout/breakdown signals34.