State Bank of India shares hit one-and-half year high

New Delhi: Shares of State Bank of India (SBI) rose as much 7.52% to ₹343.25, highest since 17 November, 2017.

Indian stocks, the rupee and bonds rallied on Monday, a day after exit polls showed Prime Minister Narendra Modi would retain power with a bigger majority in the parliament.

SBI stock cuts above a resistance at ₹340.06, the 86.4% Fibonacci projection level of the uptrend from 23 March, 2018 low to 10 August, 2018 high. A close above this level may lead to further gains up to ₹352.86, the 100% level, chart shows.

Stock's five-day average volume is about 31% higher than the 30-day average volume, seen supportive of further gains

Trend intensity (TI) indicator rises two points to 17, suggests a new uptrend has started for the stock; MACD is positive and above its signal line

Wave pattern suggests, stock is in the third wave, typically the longest wave of a five-wave uptrend.

Stock up 21.4% in the last three months as of Friday's close, outperforming broader NSE index's 6.4% gains in the same period.