Life insurer struggles to hold on as its banking major goes bullish to sideways

Synopsis

The stock price of this life insurance company is moving inside a rising channel for the past month. It has not faced resistance from the upper trendline of the channel. At the point of resistance, the candlestick pattern formed is a bearish engulfing which suggests that the short-term top is in place and a correction can be expected in price.

Expert: Jyoti BudhiaIt is engaged in the business of life insurance and annuity. It was started as a Joint-venture between a public sector bank and a French insurance company. The company offers various products across individual and group categories. Individual policies accounted for 61% of NBP and group policies for the rest ~39% of NBP in FY21. 100754821SBI Life Insurance Company LtdThe RSI has slid below its 70 level, which suggests that the

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