SBI LIFE (Multi Confirmation)

There are a few reasons why I think one can go long
Technicals
1. Price is in the demand zone
2. Took 0.5 Fibo support and closed above it
3. Took 200 EMA support
4. RSI Bullish Divergence
5. Ascending triangle formation
6. Increase in Volumes (relative to last five trading sessions)

Fundamentals
1. Posted Q3 results with Covid provisions and a huge jump in premium income
2. Undervalued - P/E of 53.54 against Industry P/E of 79.83

The stock is in correction mode though and has a short term bearish trend, so take the price action into account. Looks like a good long above 891 with SL of 850 (or when it breaks the daily TF trendline). If the stock breaks the low of 22/1/2021 (i.e 838), one should wait for a better pattern to emerge.