Monday, April 6, 2009

Technical Analysis - SBI

Technical Analysis - SBI

It was a week of wild gyration for SBI. The stock plummeted below Rs 1,000 to Rs
980 before reversing sharply to close the week with a 2 per cent gain. The
bullish hammer in the weekly candlestick chart coming close on the heels of the
morning-star implies that buyers are eager to buy in declines. If the third leg
of the move from Rs 894 trough is unfolding currently, the targets for the stock
are Rs 1,220 and Rs 1,368. Investors with a medium term perspective can hold the
stock as long as it sustains above Rs 1,000.

Short-term resistance exists in the zone between Rs 1,200 and Rs 1,220. Traders
can book partial profit as the stock approaches this band. Supports for the week
would be at Rs 1,098 and Rs 1,051.

— Lokeshwarri S.K.
businessline 06-03-09