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SBI (₹273.4)
The stock of SBI surged 3.8 per cent last week. This up-move appears to be a corrective rally. The stock faces a 200-day moving average and an important hurdle at ₹280. An emphatic breakthrough of this resistance is needed for the rally to extend and reach the next resistances at ₹290 and ₹300 in the short term. Traders with a short-term perspective can initiate long positions only on a decisive breakout of the immediate resistance level of ₹280. Only a strong rally beyond ₹300 will alter the stock’s short-term downtrend. Inability to break ₹280 can pull the stock down to ₹264 or even ₹255 in the short term. A conclusive fall below ₹255 will strengthen the downtrend and pull the stock down to ₹240 and ₹235, a key medium-term support. Medium-term investors can accumulate the stock with stop-loss at ₹230 levels.
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