• Investment World
• eWorld
• Brand Line
• Mentor
• Life
• Brand Quest
• The New Manager

Stocks

• Quotes
• SE Diary
• Scoreboard
• Open-End Mutual Fund

Cross Currency

• Rates
  
  

Shipping

• Ports
  
  

Archives

• Yesterday
• Datewise
• Resources
• In Focus
• In Depth

Group Sites

• The Hindu
• The Hindu ePaper
• Business Line
• Business Line ePaper
• Sportstar
• Frontline
• The Hindu eBooks
• The Hindu Images

SBI, too, reversed last week, contrary to our expectation, and is moving towards the upper boundary of its medium-term trading range at Rs 2,475. A break-out beyond this resistance would mean that the fifth wave from Rs 1,408 is unfolding and that gives the stock the medium-term target of Rs 2,578. Traders can wait for a strong move beyond Rs 2,475 before buying the stock. Low volumes and negative divergence in daily momentum indicators are a cause for concern.

The supports for the week ahead would be at Rs 2,265 and then Rs 2,200. The near-term outlook will turn negative only if the stock falls below Rs 2,200 where the 50-day moving average is present.

Stories in this Section
Update

Copyright © 2007, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line