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SBI managed a positive close last week despite the carnage in rest of the market. The stock has now corrected 38.2 per cent of the move recorded since March 2007 trough. The medium term range for the stock is likely to be between Rs 1,900 and Rs 2,600 before the long-term up-trend resumes. The long-term outlook for the stocks stays positive as long as it holds above Rs 1,750.

The immediate upward target for the stock is Rs 2,540.

A reversal from here will result in a fall lower to Rs 2,258 or Rs 2,129. Fresh trading longs are advised only if the stock price moves above Rs 2,550.

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