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SBI gained 6 per cent last week and closed above its short-term trading range. The targets for the stock would now be Rs 1,421 and then Rs 1,497. The short-term outlook will remain buoyant until the stock trades above Rs 1,250.

However, a cautious stance is advisable when we take the long-term view into cognisance.

It is not yet apparent if the long-term correction that commenced in December 2006 has ended or if it will prolong. If the second count is the right one, the stock will reverse from here and head towards Rs 900 again.

Lokeshwarri S.K.

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