State Bank of India showing a multi-month breakout on a monthly chart. Breakout was preceded by an almost 10 year accumulation. Though the last phase of accumulation was pretty fast, post covid rally helped the phase. Now, it looks like the accumulation is over and the stock will trend. This is a good pick for long term investment. The stock can test 700-800 zone if price manages to stay above the channel in next 2 years. My stoploss = 335. SIP is also advisable.
Note - we had shared buying from 200 zone to 400 zone previously (23 August, 2020) and had exited then. We do not have any cash positions in SBIN yet, however we intend to make a considerable position in coming months.
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