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This stock declined to our short-term target and closed with a 6 per cent loss for the week. Oscillators in the daily chart have reached over-sold levels but there are no convincing reversal signals yet. SBI made no attempt to move above the 200-day moving average last week. The target for the third leg of the move that commenced at Rs 2,308 are Rs 1,510 and then Rs 1,400.

However, there is a key long-term support around Rs 1,500 where long-term investors can start accumulating the stock. Resistance levels for the week would be at Rs 1,850 and then Rs 1,950. Failure to move past the first resistance would be the cue for traders to initiate fresh short positions.

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