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SBI is receiving support near ₹1,450 and has been trading in the ₹1,455-₹1,540 range in the last three weeks. The trend is down, but the decline could be limited as the stock is nearing its crucial long-term support at ₹1,400. Traders with short position can exit if the stock reverses higher from this support. Nevertheless, fresh long position can be initiated with a stop-loss at ₹1400, only if SBI breaches the key resistance at ₹1540. The short-term targets on a decisive up move will be ₹1,600 and ₹1,650. But, if SBI falls below ₹1,400, it will increase the downside pressure and take it lower to its next support levels of ₹1,340 and ₹1,280.
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