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SBI moved sideways with a positive bias last week. The tentative nature of the stock’s movement last week and the doji candlestick in the weekly chart imply that the stock is struggling to move above the resistance at Rs 1,618. We continue to advocate caution until there is a firm close above Rs 1,620. A reversal from these levels can drag the stock lower to the medium-term targets of Rs 1,445 and then Rs 1,400.

Investors can hold the stock with a stop at Rs 1,400. Traders can initiate fresh shorts in rallies with a stop at Rs 1,700.

Move above Rs 1,700 will take the stock to Rs 1,787.

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