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State Bank of India has moved down towards the medium-term target at Rs 1,800 indicated in our last column. As mentioned earlier, the stock is in a broad medium term range between Rs 1,800 and Rs 2,350. The intermediate term outlook will turn negative only if the stock declines below this level. Investors can hold the stock with a stop at Rs 1,750.

Traders can initiate fresh shorts if the stock declines below this support. The next downward targets would be Rs 1,600 and then Rs 1,450. The resistances for the week would be at Rs 2,000 and then Rs 2,100. Fresh longs are not recommended at this juncture.

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