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SBI dithered in the early part of the week before falling 3 per cent on Friday. The sideways move has turned into a terminal corrective as indicated last week. A 5-wave impulse move has been completed from the March low. A move below Rs 1,400 will confirm this assumption. As per this count, the stock would have a medium-term target downward of Rs 1,350 and then Rs 1,280. Investors should hold the stock until it trades above the second support.

Resistance for the week will be Rs 1,532 and then Rs 1,568. Fresh trading longs should be initiated only in a close above Rs 1,568.

Lokeshwarri S.K.

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