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Taking support at around ₹260, the stock of SBI surged 9.7 per cent last week. With this rally, it has decisively surpassed its 50- and 200-day moving averages. There has been an increase in daily volume over the past five trading sessions.
The daily relative strength index is on the brink of entering the bullish zone. However, the stock faces a key resistance at the ₹290 level. An emphatic breakthrough of this level is needed to strengthen the stock’s on-going up move. Subsequent resistances are at ₹300 and ₹310.
Traders with a short-term outlook can go long on a break above ₹290 with a stop-loss at ₹282. But inability to breach the resistance will pull the stock down to ₹280 and then to ₹270 .
Investors with a medium-term perspective can also buy the stock on a break above ₹290 levels with a stop-loss at the level of ₹270.
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