India, Jan. 9 -- State Bank of India, following a sustained uptrend across recent sessions, has developed a head-and-shoulders pattern on its 1-hour chart, indicating a possible bearish reversal.

The head-and-shoulders pattern represents a classic bearish reversal, characterised by a higher central peak (head) positioned between two lower peaks (shoulders). This structure indicates a potential transition from bullish to bearish momentum upon neckline breach.

On Thursday, State Bank of India (SBIN) established a lower-high formation across the head and shoulders before decisively breaking below the Rs 1,002 neckline. This breach, coupled with marginally reduced buying volumes, confirms the emergence of bearish momentum in the near term....