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SBI recorded a 9 per cent gain last week. The movement last week has negated our assumption that a 5-wave impulse move from the March low has been completed. We are back to wondering if this is a consolidation in an up-trend or a terminal corrective wave.

The correction that began on July 17 seems to be unfurling its B wave. The C wave down can make the stock move lower to Rs 1,557 or Rs 1,499.

A firm break-out beyond Rs 1,650 would make the stock head towards Rs 1,684 and then Rs 1,816. Hold the stock with a stop at Rs 1,540. Dips can be used to buy the stock with the same stop.

— Lokeshwarri S. K.

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