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The price moved contrary to our expectation last week and we saw a return of momentum on this counter. The price has turned around from long-term support level of Rs 684. A morning star is evident on the weekly candlestick chart of SBI, which is a trend reversal pattern. The momentum indicators on the weekly chart of SBI are also giving a buy signal. A significant intermediate term low could have been formed in SBI last week. The price has the upper targets of Rs 810 and Rs 832. Buy in dips with a stop-loss at Rs 720.

Lokeshwarri S.K.

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