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Though SBI put up a lukewarm show in the first four sessions of last week, it raced up on Friday to achieve our short-term target of Rs 2,277. As mentioned last week, the move from Rs 1,601 low has the next target at Rs 2,315.

In other words, investors ought to be cautious as the stock is nearing this resistance.

However, Friday’s spurt has generated enough momentum to take SBI higher from these levels. It has the short-term targets of Rs 2,383 and then Rs 2,604.

Stop loss level for short-term investors can be at Rs 2,010. The medium-term outlook for the stock will stay positive as long as the stock trades above Rs 1,850.

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