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SBI topped the strong surge of the previous week with yet another 8 per cent gain. The three marching soldiers in the daily candlestick chart aptly reflect the militant mood in the stock.

This could be an extension of the third wave from Rs 1,408, which translates in to the next medium term target of Rs 2,146 for the stock. The medium-term outlook stays upbeat till the stock remains above Rs 1,750.

For the short term, SBI will face resistance in the zone between Rs 1,940 and Rs 1,960. Once this band is crossed, the subsequent targets are Rs 1,991 and then Rs 2,007. Fresh longs should be initiated once it rallies past Rs 1,960 with a stop at Rs 1,830.

— Lokeshwarri S. K.

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