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SBI could not get past the resistance at Rs 2,500 indicated last week and the stock slipped to an intra week low of Rs 2,350. The near-term supports for the stock are at Rs 2,360 and then Rs 2,260. Traders can buy the stock in correction, as long as it stays above the second support. The near-term targets for the stock are Rs 2,565 and then Rs 2,593.

The medium-term outlook for the stock has also not altered by the shallow dip last week. The stock needs to close below Rs 2,150 to make the medium-term view negative. Our medium-term target stays at Rs 2,633 though investors need to tread with caution in the near-term.

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