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SBI moved down in the first two days of the week but recovered from our support of Rs 1,090 to hit an intra-week high of Rs 1,147.4. As per E-wave patterns, the fifth minor from the low of Rs 684 seems to be on now. The target of this wave falls at Rs 1,152 and then Rs 1,212. In other words, the intermediate term rally can end around Rs 1,150. A close beyond Rs 1,155 is required to take the price to Rs 1,215.Hold your longs with a stop at Rs 1,090. Fresh long positions should be initiated only if the price closes above Rs 1,155.

Lokeshwarri S.K.

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