In Indian stocks, after rupee and bond rallied on Monday, a day after the exit polls showed Prime Minister Narendra Modi would hold the power with a higher majority in the parliament; shares of State Bank of India (SBI) rose as much 7.52 per cent to Rs 343.25, highest since the 17th November 2017.
SBI stock incise above a conflict at ?340.06, the 86.4% Fibonacci projection level of the uptrend from 23 March 2018 low to 10 August 2018 high. The chart shows, a close above this level may lead to further gains up to Rs 352.86, the 100 per cent level.
The five days average volume is about 31 per cent higher than the 30-day average volume, seen supportive of further gains. MACD is positive and above its signal line, Trend Intensity (TI) indicator rises two points to 17, suggesting new uptrend has started for the stock.