Sunday, April 12, 2009

SBI - Short term buy n sell

SBI


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.
Businessline 12-04-09

Our View :

One should buy on Monday as the previous closing has volume expansion and is likely to test Rs.1250