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State Bank of India did not make any headway in either direction last week.

The stock is moving within a broad based channel between Rs 2,200 and Rs 2,500, since November 2007. This move could be succeeded by an upward break-out to Rs 2,600 or Rs 2,764 in the medium term.

Investors with a medium term perspective can hold the stock as long as it holds above Rs 2,300.

The immediate term outlook for SBI is neutral. Aggressive traders can buy the stock in corrections with a stop at Rs 2,350. The upper targets would be Rs 2,550 and then Rs 2,659. Near term supports would be at Rs 2,370 and then Rs 2,300.

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