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SBI moved higher towards our medium term target of Rs 2,478 last week.

The tentative nature of the climb suggests that the stock is charting a running correction, which implies that a sharp upward break-out is in the offing. But the stock needs to move firmly beyond Rs 2,500 in order to get to the next medium term target at Rs 2,633.

Caution is warranted in the near-term since negative divergence is evident in the 10-day rate of change oscillator. Traders should buy the stock only on a firm break-out above Rs 2,500 with a stop at Rs 2,390. The next short-term target for the stock would be Rs 2,593.

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