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SBI too underwent a seesaw movement last week; first plunging to our short-term support at Rs 2,015 and then regaining all the losses to close with more than 100 points gain for the week. The stock appears to have launched in to the third part of the short-term up trend that began at Rs 1,796. This wave has the targets of Rs 2,352 and then Rs 2,564. Traders can buy the stock with a stop at Rs 2,000.

The medium-term outlook remains neutral; between Rs 1,900 and Rs 2,600. But the long-term view on the stock remains positive. The stock has retraced 38.2 per cent of the rally from March 2007 low. A sideways move will aid in forming the base from where the stock can move higher.

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