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SBI moved higher last week, in line with our expectations. It moved past our near term target of Rs 1,584 to hit an intra week high of Rs 1,593.4. There can be a mild correction that pulls the stock lower to Rs 1,532 or Rs 1,495 in the short term.

But corrections that halt above Rs 1,500 can be used to initiate fresh buys in the stock with a stop at Rs 1,490.

The near term target for the stock is Rs 1,612 and then Rs 1,636.

But the stock could be heading towards Rs 1,800 in the medium term. Investors should hold on to the stock with a stop at Rs 1,390.

Lokeshwarri S. K.

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