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SBI moved sideways with a negative bias last week. The lower peak formed last week has resulted in a descending triangle formation that has bearish implication. The stock could move lower to Rs 2,080 or Rs 2,015 next week. But the short-term outlook will turn negative only when the stock slips below the second support. Short- term traders can buy the stock in corrections as long as the second support holds.

We maintain our neutral view for the medium term. The medium-term range for the stock would be between Rs 1,900 and Rs 2,600. Investors can buy near the lower boundary of this range. Traders can swing trade in this zone.

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