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Though SBI achieved our short-term targets, the stock struggled to get past the psychological resistance at Rs 2,000.

The short-term trend is down in the stock but the medium term trend continues to be positive. Wave counts suggest that the move from Rs 1,408 has yet to unfurl its final leg that can make the stock move higher to Rs 2,011 and then Rs 2,146 over the medium term.

The immediate supports for the stock exist between Rs 1,760 and Rs 1,780.

A reversal from this band would be a cue for traders to buy the stock with a stop at Rs 1,750. The subsequent support for SBI is at Rs 1,700.

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