🔍 Chart Context & Structure
Since its listing, SBI Cards & Payment Services Ltd (NSE: SBICARD) has been forming a massive accumulation base on the weekly chart — with an iron-clad support zone around ₹650. Over the last 3.5 years, the stock never closed below this IPO zone, signaling strong institutional confidence and long-term investor conviction.
Now, after multiple failed attempts, price is retesting the crucial ₹930–₹972 resistance band — a level that previously triggered sharp rejections. But this time, the setup is different:
✅ Momentum is building with a consistent series of higher lows.
✅ The structure now hints at a rounding bottom formation.
✅ Volume is supportive (if visible), and sentiment around financials is shifting positive.
📊 Technical Zones to Watch
Zone Relevance
🔵 ₹660–₹715 Strong base zone (IPO support + demand cluster)
🟣 ₹930–₹972 Historical supply zone (tested 3rd time now)
🟠 ₹1,130–₹1,150 Minor resistance, could break quickly post breakout
🟡 ₹1,272 – ₹1,440 Fibonacci targets (1.272–1.618 extension)
🔴 ₹1,916 Final positional target (2.618 Fib extension from pandemic low)
🌐 The Macro Tailwinds
💳 Credit card usage in India is booming – penetration is still low compared to global norms, but monthly user growth is accelerating.
🏛️ Government is actively promoting digital payments – a key pillar in India’s fintech roadmap.
📈 Financialization of Indian households – from cash hoarding to credit leverage, behavior is shifting.
🔁 Consumer spending is rebounding strongly post-COVID and SBI Cards is a direct proxy.
💡 Investor Psychology
Think of the ₹930–₹972 zone like a "psychological lid". Price got rejected here twice before — so this third approach carries both hesitation and anticipation. A weekly close above this zone would likely:
Trigger short-covering from swing sellers,
Attract momentum traders,
And validate long-term bulls waiting for confirmation.
📌 Trading Plan (Positional Swing)
Entry Trigger: Weekly close above ₹972
Initial Target: ₹1,130 → ₹1,192
Medium-Term Targets: ₹1,272 → ₹1,343 → ₹1,440
Long-Term Target: ₹1,916
Stop-Loss (Weekly): Close below ₹880
Holding Period: 6 months to 2 years depending on breakout strength
🧠 Final Thought
"Not closing below IPO levels for over 3 years in a volatile mid-cap is not random — it's informed accumulation."
With digital payment adoption surging and tailwinds aligning, SBI Cards may be quietly entering a new phase of price discovery. Watch the ₹972 zone closely — what was resistance may soon become the launchpad.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.