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The bearish engulfing candle in the weekly chart following the grave stone doji does not bode well for SBI.

The stock achieved our short-term target of Rs 1,470 last week and is currently halting just above the 50-day moving average.

The up-move that began from the March trough is now complete. The stock has already retraced 30 per cent of this move.

A move past Rs 1,640 will signal that the correction is at an end. However, strong short-term resistance is present at Rs 1,600. Inability to move above the short-term resistance at Rs 1,600 will drag the stock down to Rs 1,400 or even Rs 1,295.

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