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We note that stock appears to have reversed and further decline is likely. We recommend a sell.

After finding resistance at Rs 1,920, the stock declined in the last trading session, penetrating the 50-day moving average. Sell the stock with a stop at Rs 1,890.

Reacting to the overbought condition of the daily momentum indicator, the stock declined on Monday and formed a bearish engulfing pattern. However, fresh shorts should be initiated only if the stock falls below Rs 4,200.

Our short-term outlook for the stock is bearish. We recommend a sell.

The stock penetrated the near-term up trendline and has been declining from its life high. Sell the stock with stop loss at Rs 2,010.

The stock is range bound between Rs 770 and Rs 800. However, the stock is losing momentum. Sell the stock if it declines below Rs 770.

The near term stance for the stock is sideways. Avoid trading as long as the stock is range bound between Rs 2,600 and Rs 2,725.

The stock has formed a hammer candlestick pattern on Monday. Buy the stock in dips with stop-loss at Rs 449.

We see that there is selling pressure at higher levels as the stock is near its all-time high. But the short-term trend stays positive as long as SBI trades above Rs 2,210. Buy the stock with stop at Rs 2,210.

The stock is consolidating above the key support at Rs 1,000. Sell the stock only when it penetrates this support.

Yoganand D.

BL Research Bureau

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