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Lokeshwarri S.K.

The price of SBI weakened in the first half of last week. But price has bounced off important long-term support of Rs 684. Both volume and momentum continue to be weak on this chart. The price is moving in a downward moving channel in the daily chart. That shows that the path of least resistance is downwards. The price can move lower to Rs 677 or Rs 635 in the short-term. We need a rally beyond Rs 778 to make the outlook neutral. Fresh longs should be initiated only above Rs 778.

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