SBI continued to face selling pressure at higher levels. The stock could not get past the resistance band between Rs 1,200 and Rs 1,220 indicated in our previous column.
A short-term consolidation in the range between Rs 1,050 and Rs 1,250 is possible for a few more sessions before the stock garners strength to move higher. The positive medium-term outlook will however get roiled on a close below Rs 1,000.
SBI is currently struggling to make headway and our medium-term view for the stock is neutral. Inability to move past Rs 1,250 over the next couple of weeks would imply that the stock could re-test its March lows over the medium- term. Medium-term target on a break above Rs 1,250 is Rs 1,368.
Lokeshwarri S. K.
Our View :
One should buy on Monday as the previous closing has volume expansion and is likely to test Rs.1250