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SBI drew close to our medium term target of Rs 1,175 last week. But the evening star pattern in the daily chart and the fact that the target for the C-wave from the low of Rs 845 has been attained, portend a short term correction that can take the stock lower to Rs 1,044.

Traders can buy in dips with a stop at Rs 1,040. Targets below Rs 1,044 are Rs 1,005 or even Rs 968.

The medium term up trend would end only on a move below Rs 968. Investors with a medium term perspective can hold with a stop at Rs 960.

Lokeshwarri S. K.

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