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Lokeshwarri S. K.

SBI made a very strong move last week, recording a weekly gain of 10 per cent.

The stock rose past our second short-term target to an intra-week high of Rs 1,467. This move could be the fifth part of the up-move that began in March 2007.

The targets for this fifth wave are Rs 1,409 and then Rs 1,490.

If we consider an expanded picture and project the target for this third wave from July 2006 low, the next target would be Rs 1,539. Investors can hold the stock with a stop at Rs 1,350. The stock could test Rs 1,500 in the immediate term.

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