Technical Analysis

SBI tumbles 6 per cent

Yoganand D | Updated on January 24, 2018 Published on February 08, 2015

SBI (₹290.3)

The stock of SBI extended its fall by slumping 6 per cent with good volume last week. This decline was in line with our expectation. The short-term trend appears to have reversed down. Nevertheless, the stock tests a key support in the band between ₹285 and ₹290, and a rebound from this support can’t be ruled out at this juncture. The indicators in the daily chart feature in the bearish terrain and weekly indicators have just reversed downwards. The stock hovers at a crucial trend-deciding level. A strong fall below ₹285 will confirm that the short-term trend is down; this can pull the stock down to ₹280 and then to ₹270 in the coming weeks. Investors with a short as well as medium-term perspective should tread with caution in the coming week. Resistances to note are at ₹300, ₹310 and ₹320 levels.

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