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PSU banking Index has recently witnessed a structural turnaround and State Bank of India has been an outperformer within the space as it has maintained a higher peak and higher trough on the long term chart. The brokerage expects it to continue its outperformance.
The uptrend is well defined by stronger rallies and shallow retracements, key ingredients of a major bull phase. During this phase, incremental buying demand is getting attracted at five-month average, held since November 2020 and even in the recent correction.
ICICI Securities expect it to continue its positive momentum and retest its all-time high of Rs 549 in the coming months.
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