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SBI broke out above the resistance of Rs 870 on Wednesday and achieved our target of Rs 890. The volumes in SBI have been on the decline this week. The 10-day ROC and 14 RSI are giving a sell signal.

This means that the stock is losing momentum for the short term. The fact that this slow down comes just after the stock has completed 61.8 per cent retracement of its fall from the top of Rs 1,015 in July 2006 calls for extra dose of caution. Fresh longs should be initiated only if the price crosses Rs 900 strongly. Hold on to your longs with a stop at Rs 850.

Lokeshwarri S.K.

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