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Investors seemed to be having second thoughts regarding the SBI stock last week. It slipped to an intra week low of Rs 1,251. It is too early to conclude that the move from the March 2007 low has concluded.

The stock has reversed from its short-term support of Rs 1,250 on Friday.

Further slide will take the stock to Rs 1,218 and then Rs 1,184.

The Rs 1,250-1,350 band is a no-trade zone. The resistance for the week would be encountered at Rs 1,320 and then Rs 1,360. Inability to rally past the first hurdle would signal continued weakness.

Lokeshwarri S. K.

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