SBI Technical Dashboard: Recovery Signals and Trading Levels
SBI’s technical structure remains cautious despite Friday’s rebound. A sustained move above Rs. 967 would support recovery, while a break below Rs. 945 would revive downside pressure.
Technical Indicators
| Indicator | Reading | Interpretation |
|---|---|---|
| RSI | 39.87 | Below bullish territory |
| MACD | −18.59 | Negative, but improving |
| Signal | −18.00 | Bullish crossover pending |
| ADX | 41.39 | Strong trend; direction needs confirmation |
| ATR | Rs. 17.19 | Meaningful daily volatility |
| 20-day SMA | Rs. 974.92 | Recovery hurdle |
| Lower Bollinger Band | Rs. 937.41 | Downside reference |
Option Chain Analysis
The October 27 chain shows call unwinding across Rs. 950, Rs. 960 and Rs. 970. Simultaneously, put open interest increased at Rs. 940–960. This combination suggests easing bearish positioning, although overhead call concentration remains substantial.
Strong Put Base
Rs. 940 holds the largest put base among the displayed strikes, with open interest of 3,958. Rs. 950 follows at 3,710, including an addition of 674. These positions identify potential support areas, subject to subsequent unwinding.
Heavy Call Writing
Rs. 980 carries the highest call open interest among displayed strikes, at 5,188, with fresh addition of 230. Rs. 970 and Rs. 960 also carry sizeable positions. Fresh call writing is evident specifically at Rs. 980.
Market Interpretation
The rebound suggests stabilisation rather than a completed reversal. Turnover of 65.99 lakh shares remained below the monthly average of 94.52 lakh, limiting confirmation.
Execution Plan
Buy above Rs. 967 after sustained confirmation; target Rs. 975 and Rs. 980–988. Stop below Rs. 952. Below Rs. 945, watch Rs. 937–931; stop Rs. 957.
Confidence Meter
Moderate for recovery; low for reversal.
Five FAQs
Bullish? Recovery only.
Support? Rs. 940–945.
Resistance? Rs. 970–980.
Reversal confirmed? No.
Best approach? Wait for confirmation and maintain defined stops.
Technical Indicators
SBI at Rs. 960.80 is marginally above its 20-period average of Rs. 959.74. However, momentum indicators remain insufficient for a confirmed bullish call.
| Indicator | Reading | Interpretation |
|---|---|---|
| RSI | 45.16 | Below neutral |
| MACD | −8.69 | Below zero; signal comparison unavailable |
| Stochastic | 48.34 | Near midpoint |
| ROC | −1.81 | Negative momentum |
| CCI | −40.67 | Mild weakness |
| Williams %R | −49.68 | Neutral |
| MFI | 44.53 | Below midpoint |
| ATR | 18.19 | Recent average trading range |
| ADX | 32.78 | Meaningful trend strength; direction unconfirmed |
| Bollinger upper band | Rs. 978.36 | Upper volatility reference |
| Bollinger lower band | Rs. 941.12 | Lower volatility reference |
Moving-average crossover directions cannot be classified because the actual averages and their relative positions are absent.
Option Chain Analysis
Across the displayed Rs. 930–990 strikes, call OI totals 16,677, against put OI of 12,850, producing a partial-chain PCR of approximately 0.77.
This is not the full-expiry PCR. Outstanding calls exceed puts within this selection, but positioning alone cannot establish market direction.
Strong Put Base
Rs. 940 holds the largest displayed put OI at 2,830, followed by Rs. 950 at 2,234 and Rs. 960 at 2,188.
However, put OI declined by 574, 1,083 and 703, respectively. These are existing positioning concentrations with unwinding, rather than fresh strengthening support.
Heavy Call Writing
Fresh heavy call writing is absent from this snapshot. Call OI declined at every displayed strike.
The largest remaining call concentration is Rs. 980 at 4,789, followed by Rs. 970 at 3,845. Treat these as potential supply references requiring price confirmation.
Market Interpretation
Both call and put positions are contracting ahead of the indicated expiry. This suggests position reduction, while weakening confidence in static support and resistance assumptions.
ATR does not predict tomorrow’s range. Similarly, the lower Bollinger band is not an assured downside target.
Execution Plan
Wait outside the proposed Rs. 955–965 avoidance zone. Above Rs. 970, assess continuation towards Rs. 978–980. Below Rs. 950, monitor Rs. 941–940. Define risk using fresh price structure before entering.
Confidence Meter
Directional confidence: Moderate–Low. Momentum is mixed, positioning is unwinding, and crossover confirmation is unavailable.
Five FAQs
Is SBI bullish? Not confirmed.
Immediate balance level? Around Rs. 960.
Main upside hurdle? Rs. 970, followed by Rs. 978–980.
Key downside reference? Rs. 950, then Rs. 941–940.
Does PCR guarantee direction? No; this reading covers only selected strikes.