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The sharp recovery from January 22 trough halted at Rs 2,350 last week and the stock is currently in a short-term down trend.

We stay with the view that the stock could move in a broad range between Rs 1,900 and Rs 2,600 over the medium term.

The long-term outlook for SBI stays positive.

However, the stock could drift lower over the next week to Rs 2,006 or Rs 1,800. Halt above the first support would be the cue for short-term traders to buy the stock with a stop at Rs 1,980. The long-term 200-day moving average should be a reliable support over the medium-term should the stock move lower. Resistance would be at Rs 2,350 and then Rs 2,395.

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