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The price of SBI moved past our first target of Rs 850 to hit an inter week high of Rs 875 on Wednesday.

The 50-day moving average present at Rs 870 is currently reining in the price. If this level is surpassed, the price will head towards Rs 890, where serious resistance exists for this stock. The daily momentum indicators are diverging negatively and suggest weakness in the short-term. But the medium-term outlook continues to be positive. There is a good support for the short-term between Rs 795 and Rs 805. Use dips to take fresh long positions with a stop at Rs 780.

Lokeshwarri S.K.

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