Credit card issuer (NBFC)Historical case study · data as of 17 Jul 2026 · published 22 Oct 2026 (97 days later)
SBI Cards and Payment Services — 100-point case study
How SBI Cards and Payment Services looked on 50 technical and 50 fundamental measures on 17 Jul 2026 — and what happened over the next three months. Education only; not a current view.
Close (to snapshot) Close (after) 50-day avg 200-day avg Support Resistance
Data note: Screener shows SBI Card only on a standalone basis and in its lender format (no Sales/Operating Profit rows), so working-capital ratios are n/a. Card-issuer metrics come from the company's investor presentations; NII for Jan–Mar 2026 was not stated and shows as n/a.
Technical analysis — 50 points
Calculated by code from daily prices up to 17 Jul 2026. Standard formulas (RSI, MACD, ADX use Wilder smoothing).
How to read the tags. Each of the 50 points gets one tag. Bullish the reading was favourable. Bearish the reading was unfavourable. Neutral the reading was in a normal range, or gave no clear message. Caution a warning sign or an unusual reading that deserves a closer look. Point 50 counts the other 49 tags. The chart is called positive when bullish tags beat bearish ones by 5 or more, negative when bearish tags beat bullish ones by 5 or more, and mixed otherwise. Under each point you will see what reading earns which tag. Tags describe the data on the snapshot date. They are not signals to buy or sell. Full guide to all 100 points →
A. Trend
#
Point
Reading
Tag
Commentary
1
Short-term trend (20 days)
slope +0.23%/day
Bullish
Over the last 20 sessions the regression line of closing prices was rising about 0.23% a day — a short-term uptrend.
Bullish slope above +0.10% a day (short-term uptrend) · Bearish slope below –0.10% a day (short-term downtrend) · Neutral between the two: a flat, sideways phase.
2
Medium-term trend (~5 months)
3M return -4.5%
Bearish
The 100-session trend line was down (-0.25%/day) and the stock was -4.5% over three months, so the medium-term picture was bearish.
Bullish slope above +0.05% a day · Bearish slope below –0.05% a day · Neutral in between.
3
Long-term trend (1 year)
1Y return -28.0%
Bearish
Compared with a year earlier the price was -28.0%. A weak year for the stock.
Bullish up more than 10% in a year · Bearish down more than 10% in a year · Neutral between –10% and +10%.
4
Weekly chart trend
10W 616.15 / 30W 698.94
Neutral
On the weekly chart the stock showed a weekly close tangled between the 10-week and 30-week averages.
Bullish weekly close above the 10-week average, which is above the 30-week · Bearish weekly close below the 10-week average, which is below the 30-week · Neutral when they are tangled.
5
Swing structure (highs/lows)
last highs 638.70→638.80; lows 565.45→579.90
Bullish
The two most recent swing points showed higher swing highs and higher swing lows — classic uptrend structure.
Bullish higher highs and higher lows (uptrend structure) · Bearish lower highs and lower lows (downtrend structure) · Neutral when one is higher and the other lower.
6
ADX (14) — trend strength
16.5
Neutral
ADX at 16.5 signals a weak or absent trend (below 20) — range-bound conditions. ADX measures strength only, not direction.
Bullish ADX 20 or more with +DI above –DI (a real trend, pointing up) · Bearish ADX 20 or more with –DI above +DI (a real trend, pointing down) · Neutral below 20: no clear trend. 20–30 is a moderate trend, above 30 a strong one.
7
+DI vs –DI
+DI 33.6 / –DI 19.1
Bullish
+DI was above –DI: upward price pressure outweighed downward pressure.
Bullish +DI above –DI · Bearish –DI above +DI · No neutral zone for this point.
B. Moving averages
#
Point
Reading
Tag
Commentary
8
Price vs 20-day SMA
613.73 (+6.7%)
Bullish
Close of 654.70 was 6.7% above the 20-day SMA — the short-term trend filter was positive.
Bullish close above the average · Bearish close below the average · No neutral zone.
9
Price vs 50-day SMA
614.32 (+6.6%)
Bullish
Close of 654.70 was 6.6% above the 50-day SMA — the medium-term trend filter was positive.
Bullish close above the average · Bearish close below the average · No neutral zone.
10
Price vs 200-day SMA
756.85 (-13.5%)
Bearish
Close of 654.70 was 13.5% below the 200-day SMA — the long-term trend filter was negative.
Bullish close above the average · Bearish close below the average · No neutral zone.
11
9 / 21 EMA crossover
9E 629.06 / 21E 618.25
Bullish
The 9-day EMA was above the 21-day EMA; the last crossover happened on 14 Jul 2026.
The 50-day average was 18.8% below the 200-day. No 50/200 crossover occurred in the data window.
Bullish 50-day above 200-day (after a “golden cross”) · Bearish 50-day below 200-day (after a “death cross”) · No neutral zone.
13
50-day SMA slope
-3.3% in 20 sessions
Bearish
The 50-day average fell 3.3% over the past month — declining.
Bullish rose more than 0.5% · Bearish fell more than 0.5% · Neutral in between: flattening.
14
MA ribbon alignment
614 / 614 / 656 / 757
Bearish
The 20/50/100/200-day averages were perfectly stacked bearish (20 < 50 < 100 < 200).
Bullish neatly stacked 20 > 50 > 100 > 200 · Bearish neatly stacked 20 < 50 < 100 < 200 · Neutral when tangled (a transition or range).
15
Monthly anchored VWAP
625.97 (+4.6%)
Bullish
Anchored to the start of July, the volume-weighted average price was 625.97; the close was above it — buyers that month were on average in profit.
Bullish close above VWAP (that month’s buyers on average in profit) · Bearish close below VWAP · No neutral zone.
C. Momentum
#
Point
Reading
Tag
Commentary
16
RSI (14)
65.9
Bullish
RSI at 65.9 showed positive momentum without being overbought.
Bullish RSI 55–70 (positive momentum, not stretched) · Bearish RSI 30–45 (soft momentum) · Neutral 45–55. Caution at 70 or above (overbought) or 30 or below (oversold).
17
RSI divergence (last 40 days)
none
Neutral
Comparing the last 20 sessions with the 20 before: no divergence — RSI moved in line with price.
Bullish bullish divergence: price made a lower low but RSI a higher low · Caution for a bearish divergence (price higher high, RSI lower high). Neutral when RSI moved in line with price.
18
MACD line vs signal
MACD 7.18 / signal 0.60
Bullish
MACD was above its signal line — momentum turning or staying positive.
Bullish MACD above signal · Bearish MACD below signal · No neutral zone.
19
MACD histogram (5-day change)
1.67 → 6.58
Bullish
The histogram rose over the last five sessions, meaning momentum was improving.
Bullish up more than 2% · Bearish down more than 2% · Neutral between –2% and +2%.
D. Volatility
#
Point
Reading
Tag
Commentary
25
Bollinger Band position (%B)
%B 1.03 (bands 575.02–652.44)
Caution
%B of 1.03 — close above the upper band, an overextended move.
How to read: Caution above 1 or below 0 (outside the bands — an overextended move). Neutral inside the bands.
26
Bollinger width / squeeze
width 12.6% (56th pct of 6M)
Neutral
Band width was at the 56th percentile of the last six months, a normal level.
How to read: Caution when the width is in the lowest 15% of six months (a “squeeze” that often comes before a bigger move, direction unknown). Neutral otherwise.
27
ATR (14)
₹17.38 (2.7% of price)
Neutral
A typical day's range was about ₹17.38, or 2.7% of the price — useful for judging how much 'normal noise' to expect.
How to read: Information only. A higher % means bigger normal daily swings.
28
Historical volatility (30-day)
32.8% vs 1Y 26.4%
Neutral
Annualised 30-day volatility was 32.8%, close to the one-year level of 26.4%.
How to read: Caution when 30-day volatility is more than 1.25× the one-year level. Neutral otherwise.
29
Keltner Channel (20, 2×ATR)
582.86–654.34
Bullish
The close was above the upper channel — a strong trending push.
Bullish close above the upper channel (strong upward push) · Bearish close below the lower channel · Neutral inside the channel.
30
Beta vs Nifty 50 (1Y daily)
1.21
Neutral
A beta of 1.21 means the stock tended to move more than the Nifty 50 day to day.
How to read: Information only. Above 1.1 moves more than the market, below 0.9 less, around 1 in line.
E. Volume & money flow
#
Point
Reading
Tag
Commentary
31
Volume vs 20-day average
last day 2.13× / 5-day 1.83×
Neutral
The final session traded 2.13× its 20-day average volume and the last five sessions averaged 1.83× — heavier than usual participation.
How to read: Information only. Above 1.2× is heavier than usual participation, below 0.8× lighter.
32
Up-day vs down-day volume (20d)
ratio 1.70
Bullish
Average volume on up days was 1.70× that on down days — accumulation-leaning.
Bullish ratio above 1.15 (accumulation-leaning) · Bearish ratio below 0.85 (distribution-leaning) · Neutral between 0.85 and 1.15.
33
On-Balance Volume (20d)
OBV rising
Bullish
OBV rose over the month while price rose — volume confirmed the price move.
About ₹109 crore changed hands per day on average over 20 sessions — liquid.
How to read: Information only. Above ₹500 crore a day is highly liquid, above ₹50 crore liquid, below that moderately liquid.
F. Price levels
#
Point
Reading
Tag
Commentary
38
Support levels (S1/S2/S3)
650.05 / 632.15 / 613.80
Neutral
Nearest support (prior swing lows) sat at 650.05, 0.7% below the close, then 632.15, 613.80.
How to read: Information only. Levels to watch, not good or bad.
39
Resistance levels (R1/R2/R3)
660.00 / 700.40 / 711.55
Neutral
Nearest resistance (prior swing highs) sat at 660.00, 0.8% above the close, then 700.40, 711.55.
How to read: Information only.
40
Monthly pivot points (for next month)
P 630.78 | R1 681.67 | S1 603.82
Neutral
Classic pivots from July's high/low/close gave a pivot of 630.78; the close was above it.
How to read: Information only.
41
Fibonacci retracement (6M swing)
23.6% 639 | 38.2% 684 | 50.0% 720 | 61.8% 757
Neutral
Measuring the 6-month fall from 875.50 to 565.45, the close was nearest the 23.6% retracement at 638.62.
How to read: Information only.
42
52-week high / low
H 1,004.75 / L 565.45
Neutral
The close was 34.8% below the 52-week high and 15.8% above the 52-week low.
Bullish within 5% of the 52-week high · Bearish within 5% of the 52-week low · Neutral in between.
43
Unfilled price gaps (6M)
1 open; latest gap-down 04 Mar at 743.10
Neutral
There was 1 unfilled gap(s). The latest, a gap-down on 04 Mar 2026, left an open level at 743.10 that price had not revisited.
How to read: Information only.
G. Patterns
#
Point
Reading
Tag
Commentary
44
Price structure / chart pattern
counter-trend bounce inside a larger downtrend
Neutral
Rule-based pattern scan: counter-trend bounce inside a larger downtrend. (Classical patterns like head-and-shoulders are judgement calls; we report only what the rules detect.)
Bullish rising channel (both trends up) · Bearish falling channel (both trends down) · Neutral for tight consolidation, a bounce in a downtrend, a pullback in an uptrend, or a sideways range.
45
Breakout / breakdown (20-day)
range 579.90–653.55
Bullish
The close was breakout above the prior 20-day range of 579.90–653.55 — a range break.
Bullish close above the 20-day high (breakout) · Bearish close below the 20-day low (breakdown) · Neutral inside the range.
46
Latest candlestick
Ordinary green candle
Neutral
On 17 Jul the candle opened 644.05, ranged 637.00–657.75 and closed 654.70: Ordinary green candle. Single candles are weak signals on their own.
Bullish hammer, bullish engulfing or bullish marubozu · Bearish shooting star, bearish engulfing or bearish marubozu · Neutral for a doji, inside bar or ordinary candle. Single candles are weak signals.
47
Ichimoku Cloud
cloud 608.70–641.42; Tenkan 618.83 / Kijun 611.60
Bullish
Price was above the cloud and the Tenkan line was above the Kijun line — a bullish Ichimoku setup.
Bullish close above the cloud · Bearish close below the cloud · Neutral inside the cloud.
H. Relative strength & summary
#
Point
Reading
Tag
Commentary
48
Relative strength vs Nifty 50
1M +3.6% / 3M -5.1%
Bearish
The stock underperformed the Nifty 50 by 5.1 points over three months and outperformed by 3.6 points over one month.
Bullish ahead of the Nifty 50 by more than 2 points · Bearish behind by more than 2 points · Neutral within ±2 points.
49
Relative strength vs Nifty 50 (6M)
6M -19.0%
Bearish
No sector index in today's data set, so we show the 6-month comparison instead: 19.0 points behind the Nifty 50.
Bullish ahead by more than 2 points · Bearish behind by more than 2 points · Neutral within ±2 points.
50
Technical summary
21 bullish · 8 bearish · 17 neutral · 3 caution
Bullish
Across the 49 readings the technical picture leaned positive. Levels that mattered: support 650.05, resistance 660.00. This is a description of the chart on 17 Jul 2026, not a forecast. How to read the score: the strongest possible reading is 49 bullish · 0 bearish, and the weakest is 0 bullish · 49 bearish. Most companies land in between. The chart is called positive when bullish tags beat bearish ones by 5 or more, negative when bearish tags beat bullish ones by 5 or more, and mixed otherwise. Even a 49–0 score describes the past and is not a reason to buy, and a 0–49 score is not a reason to sell.
Bullish bullish tags beat bearish ones by 5 or more (“positive”) · Bearish bearish tags beat bullish ones by 5 or more (“negative”) · Neutral (“mixed”) otherwise. Strongest possible: 49 bullish · 0 bearish.
Fundamental analysis — 50 points
Uses only results published by 17 Jul 2026: FY26 annual (Apr 2025–Mar 2026), the Jan–Mar 2026 quarter and the Mar 2026 shareholding. ₹ crore, consolidated unless stated. Valuation uses the 17 Jul 2026 close.
How to read the tags. Each of the 50 points gets one tag. Bullish the reading was favourable. Bearish the reading was unfavourable. Neutral the reading was in a normal range, or gave no clear message. Caution a warning sign or an unusual reading that deserves a closer look. Point 50 counts the other 49 tags. The numbers are called positive when bullish tags beat bearish ones by 4 or more and are at least 1.5 times as many, negative the other way round, and mixed otherwise. Under each point you will see what reading earns which tag. Tags describe the data on the snapshot date. They are not signals to buy or sell. Full guide to all 100 points →
A. Valuation
#
Point
Reading
Tag
Commentary
1
P/E (trailing 12 months)
28.8×
Neutral
At ₹654.70 the market valued the company at about ₹62,326 crore, or 28.8× the ₹2,167 crore profit of the four quarters to Mar 2026. That is a moderate multiple.
How to read: Information only. Below 15 is a low multiple, 15–30 moderate, above 30 a premium (the market expects growth). Compare with peers and the company’s own history.
2
Price / Book
3.96×
Neutral
Market cap was 3.96× the Mar 2026 book value (equity + reserves) of ₹15,726 crore. For a bank, P/B is the main valuation yardstick.
How to read: Information only. Main yardstick for banks; asset-light businesses usually trade at high P/B.
3
Price / Revenue (interest earned)
3.13×
Neutral
Market cap was 3.13× trailing-12-month revenue (mainly interest earned) of ₹19,899 crore.
How to read: Information only.
4
Profit / Book (earnings power)
13.8%
Neutral
Trailing profit was 13.8% of book value — the return the bank was generating on the equity investors were paying 3.96× for.
How to read: Information only.
5
Earnings yield
3.5%
Neutral
The inverse of P/E: each ₹100 invested bought about ₹3.5 of annual earnings. Investors often compare this with the ~6–7% yield on 10-year government bonds.
How to read: Information only. Often compared with the ~6–7% yield on 10-year government bonds.
6
PEG (P/E ÷ 3-yr profit CAGR)
n/m
Neutral
PEG is not meaningful because 3-year profit growth was -1.4%.
Bullish below 1 (growth cheaply priced) · Bearish above 2 (growth expensively priced) · Neutral 1–2, or when profit did not grow (not meaningful).
7
Dividend yield (trailing 12M)
0.38%
Neutral
Dividends with ex-dates in the 12 months to the snapshot totalled ₹2.5 a share, a 0.38% yield on the ₹654.70 price.
Bullish above 3% · Neutral at 3% or less. Never tagged Bearish.
8
Market capitalisation
₹62,326 cr
Neutral
At about ₹0.62 lakh crore the company was a mid-cap.
How to read: Information only. Above ₹1 lakh crore large-cap, ₹30,000 crore–₹1 lakh crore mid-cap, below that small-cap (our rule of thumb).
9
Graham number vs price
₹290.87 vs ₹654.70
Neutral
Benjamin Graham's conservative fair-value yardstick √(22.5 × EPS × book value per share) came to ₹290.87; the price was 125% above it. Quality franchises usually trade above this number.
Bullish price below the Graham number · Neutral when the price is above it (most quality companies are).
B. Growth
#
Point
Reading
Tag
Commentary
10
Revenue growth FY26 (YoY)
+10.1%
Bullish
Revenue (interest earned) for FY26 was ₹19,901 crore, +10.1% versus FY25.
NIM — the spread between what the bank earns on loans and pays on deposits — was 11.10% in Jan–Mar 2026 (as reported). Above ~3.5% is strong for an Indian bank.
Bullish 3.5% or more · Bearish below 3.0% · Neutral 3.0–3.5%.
Bullish all tests passed, or all but one · Bearish half the tests or fewer passed · Neutral in between.
49
Automated screen flags
0 strength(s) · 0 weakness(es)
Neutral
No strengths flagged. No weaknesses flagged. (Flags generated by the data source’s rule screen.)
How to read: Information only.
50
Fundamental summary
13 bullish · 2 bearish · 34 neutral · 0 caution
Bullish
On the numbers published by 17 Jul 2026 the fundamental picture leaned positive. Valuation: P/E 28.8×, P/B 3.96×. This describes the data, not a recommendation. How to read the score: the strongest possible reading is 49 bullish · 0 bearish, and the weakest is 0 bullish · 49 bearish. Most companies land in between. The numbers are called positive when bullish tags beat bearish ones by 4 or more and are at least 1.5 times as many, negative the other way round, and mixed otherwise. Even a 49–0 score describes the past and is not a reason to buy, and a 0–49 score is not a reason to sell.
Bullish bullish tags beat bearish ones by 4 or more and are at least 1.5× as many (“positive”) · Bearish the same the other way round (“negative”) · Neutral (“mixed”) otherwise. Strongest possible: 49 bullish · 0 bearish.
News in the three months before the snapshot
Company news from 17 Apr 2026 – 17 Jul 2026 that an investor could have known on the snapshot date.
27 Apr 2026SBI Cards Q4 FY26 net profit rises 14% to Rs 609 crore as NPAs improve — SBI Card reported Q4 FY26 net profit of Rs 609 crore vs Rs 534 crore a year earlier; gross NPA fell to 2.41% from 3.08% and net NPA to 1.04%. source
27 Apr 2026SBI Cards Q4 FY26: NIM at 11.1%, CRAR 25.5%; targets cost-to-income of 55-58% for FY27 — On its Q4 earnings call, SBI Card reported Q4 NIM of 11.1% (11.2% for FY26) and capital adequacy of 25.5%, and outlined FY27 cost-to-income and ROA targets. source
31 May 2026SBI Cards appoints Saurav Ghosh as Chief Operating Officer — SBI Cards named Saurav Ghosh COO for a two-year term from June 21, 2026, succeeding Ashutosh Kumar Sharma. source
10 Jul 2026SBI Cards shares rise 3.6% amid broad market rally — SBI Cards shares rose 3.64% to Rs 609.60 on strong buying, with investors betting on easing credit losses in FY27 and lower funding costs. source
17 Jul 2026SBI Cards board to consider Q1 results on July 24 — SBI Cards said its board will meet on July 24, 2026 to consider unaudited results for the quarter ended June 30, 2026. source
What happened next (17 Jul 2026 → 19 Oct 2026)
Price went from ₹654.70 to ₹567.40 by 19 Oct 2026 (-13.3%) while the Nifty 50 moved -5.9% — underperforming by 7.4 points.
Highest ₹675.00 on 08 Sep 2026; lowest ₹547.65 on 08 Oct 2026.
S1 650.05: broken on a closing basis on 20 Jul 2026.
S2 632.15: broken on a closing basis on 22 Jul 2026.
R1 660.00: cleared on a closing basis on 29 Jul 2026.
R2 700.40: not cleared on a closing basis.
200-day SMA: price was below it at the snapshot and stayed on the same side through the period.
24 Jul 2026SBI Cards Q1 FY27 net profit rises 19.5% to Rs 664 crore; card spends jump 27% — SBI Card reported Q1 FY27 net profit of Rs 664 crore vs Rs 556 crore a year ago, with gross NPA at 2.04% and net NPA at 0.83%; receivables stood at Rs 58,269 crore. source
08 Sep 2026SBI Cards to hold Jefferies-organised investor group meeting on September 15 — SBI Cards informed exchanges its representatives would hold an in-person group meeting with investors/analysts organised by Jefferies in Gurugram on September 15, 2026. source
24 Sep 2026SBI Cards holds investor meet with HSBC — SBI Cards held a one-on-one meeting with HSBC Global Investment Research in Gurugram, disclosed under SEBI Regulation 30. source
18 Oct 2026SBI Card: 187,164 employee stock options vested — SBI Card reported vesting of 187,164 employee stock options (103,615 RSUs and 83,549 PSUs) under its 2023 ESOP plan. source
Educational summary. On 17 Jul 2026 the technical picture leaned positive and the fundamental picture leaned positive. Over the next three months the stock moved -13.3% against -5.9% for the Nifty 50. Here the chart's message did not line up neatly with what followed — a reminder that indicators describe the past, not the future. One case proves nothing on its own; the value is in seeing many cases over time. This page does not say whether to buy, sell or hold SBI Cards and Payment Services today.
Method designed by our founder, CPA · ACCA · CIA. Numbers are computed by our engine from the sources listed below.
Sources: daily prices — Yahoo Finance history pages; financials and shareholding — Screener.in (fetched 22 Oct 2026); index — Nifty 50 via Yahoo Finance; news — linked articles. Calculations by Manage Our Finance. Report a correction
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