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The first signs of weakness were evident in the chart of SBI since the exhilarating rally started from the low of Rs 1,127 on November 15. The momentum oscillators in the daily charts are signalling a sell though the weekly oscillators are not conforming as yet.

The short-term support for the price exists between Rs 1,275 and Rs 1,300.

If the price reverses from here, we can see some range bound moves between Rs 1,270 and Rs 1,380 for a few weeks.

Hold with a stop at Rs 1,250. Support below Rs 1,250 would be available at Rs 1,225.

Lokeshwarri S. K.

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