SBI Cards eyes record high on Golden Cross breakout, may rally up to 16%

SBI Cards has conquered the 200-DMA, a prime indicator of the trend for market participants, and hints of a likely 'Golden Cross' breakout with 50-DMA and 100-DMA likely to cross the 200-DMA.

SBI Cards and Payment Services, a pure credit card subsidiary of State Bank of India, jointly held with Carlyle Group was roaring in trades, rallying up to 7 per cent in intra-day deals on Wednesday following reports of that Reserve Bank of India (RBI) is against unregulated firms issuing credit cards, and the company could issue fresh credit cards after obtaining an RBI licence.

Thus far, SBI Cards shares have rallied 55 per cent post testing ground near Rs 655 in mid-June 2022. The month of July has seen a surge of over 22 per cent, with follow-up momentum seen