Buy SBI Life Insurance with Rs 927 target price: Rajesh Bhosale, Technical Analyst, Angel Broking
SBI Life Insurance is strong company expected to report a strong quarter. The insurance major has strong market position, branding and network across the country. As investors look for stocks that are safe and can offer strong returns, SBI Life Insurance is among the right picks at current levels.
This stock is in a strong uptrend, moving continuously in a ‘Higher Top Higher Bottom’ price formation. On the daily chart, the stock witnessed a timewise correction after making an all-time high at Rs 862 as the oscillators went into the deep overbought territory. The said correction is healthy for an overall uptrend and the prices seem to have resumed an uptrend by breaking above the recent consolidation.
In addition, momentum oscillator RSI has started moving northward after an initial dip from the overbought zone, suggesting a fresh leg of upward move in the near term.
“Going with the above scenario, we recommend buying this stock at current levels for a target of Rs 927 over the next 14 sessions,” Rajesh Bhosale said.
Investors should conduct due-diligence before making investment decisions.