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SBI steadfastly followed the script we had written out for it, remaining glued to the range between Rs 1,070 and Rs 1,165. This consolidation would normally be construed as a halt before the next leg of the move from Rs 845 unfolds.

But the presence of the resistance at Rs 1,175 can turn this sideways move in to terminal corrective with disastrous consequence.

Hence the need for caution till we obtain a firm close above Rs 1,175. Short-term investors can hold the stock with a stop at Rs 1,050. Close beyond Rs 1,175 will take the stock to Rs 1,265.

Lokeshwarri S. K.

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