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SBI reversed from Rs 1,750 to move to an intra-week high of Rs 1,958. But the downward reversal witnessed on Friday leads us to assume that the short-term correction that commenced from October 1 is still underway. This correction can make the stock move in the band between Rs 1,750 and Rs 2,000 for a couple of weeks more, before the stock resumes the move towards its medium term target at Rs 2,308.

This positive view for the medium term will be negated only if it falls below Rs 1,680. The stock can move lower to Rs 1,750 in the week ahead, where short-term traders can initiate fresh longs. Resistance levels in the week ahead would be at Rs 1,973 and then Rs 2,055.

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