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There wasn't much activity in the SBI stock last week. The stock ended on a flat note despite the strong closing of the Bank Nifty and Sensex. The stock continues to test its key resistance as well as the 50-day moving average at around ₹270. It hasn’t yet made a strong breakthrough of this level. But such a break can take the stock to ₹280 and then to the upper boundary of the sideways range at ₹290 levels in the ensuing week.
The stock will remain in a medium-term sideways consolidation phase as long as it trades between ₹258 and ₹290. Traders with a short-term view can initiate fresh long position on a strong breach of the current resistance with a tight stop-loss.
On the other hand, if the stock witnesses any decline, it can slip to find support in the ₹258-₹260 band. Further fall can drag the stock down to ₹250 and then to ₹241.
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