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SBI followed our script very closely last week, reversing below the resistance at Rs 1,600 and falling to an intra-week low of Rs 1,400.

The stock has retraced 38.2 per cent of the intermediate term up-move that began at the March lows. The Rs 1,400-level is a strong support for the near term.

Indicators in the daily chart are implying the possibility of a small bounce to Rs 1,540 or Rs 1,590.

Move above the second resistance will make the medium term outlook positive for this stock.

Traders can buy in dips as long as the stock trades above Rs 1,400. A move below Rs 1,400 will drag the stock to Rs 1,295 and Rs 1,260.

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