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Lokeshwarri S. K.

SBI was ravaged by tornado of selling that made the stock plunge 14 per cent.

The oscillators in the daily chart are in oversold zones, but the short-term downtrend has not been reversed yet. If the low of Rs 1,165 holds for two more weeks, it would indicate great underlying strength and a rally past Rs 1,500 would be witnessed soon. But we need to see the stock rise above Rs 1,300 before we can rest easy. A reversal below Rs 1,300 will drag the stock lower to Rs 1,168 or Rs 1,086. Hold with a stop at Rs 1,160.

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