Breakout with Bullish Engulfing Confirmation | Daily Chart

🏦 SBI LIFE INSURANCE CO LTD – Breakout with Bullish Engulfing Confirmation | Daily Chart
📅 Date: April 28, 2025
📈 Timeframe: Daily Chart
🔍 Stock: SBI Life Insurance Co Ltd (NSE)

📌 Technical Overview:
SBI Life is showing strong bullish momentum on the daily chart after breaking out above a key horizontal resistance around ₹1,584.
The price has formed a Bullish Engulfing candlestick pattern, indicating renewed buyer strength, backed by heavy volume.

🧩 Chart Pattern:
Strong horizontal resistance at ₹1,584 (now acting as support).
Bullish Engulfing candle printed around ₹1,736.10, showing strong rejection of lower levels.
Price structure continues to maintain higher highs and higher lows – a positive sign for bulls.

🔍 Key Price Levels:
Support Zones: ₹1,584(marked in red)
Major Support: ₹1,372.55(green horizontal line)
Current Market Price (CMP): ₹1,736.10
A sustained move above ₹1,736 with rising volume could potentially take the stock towards higher psychological levels around ₹1,800+.

📊 Volume Analysis:
Strong volume breakout observed during the recent rally.
Volume spike supports the validity of the bullish breakout, indicating increased buying interest.

🧠 Observational Bias:
As long as SBI Life holds above ₹1,584, the short-term to medium-term bias remains positively bullish. Any healthy pullbacks near ₹1,580–₹1,600 zones could offer better risk-reward setups for positional traders.