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Though SBI rallied strongly in the early part of last week it slid lower towards the

weekend thus belying the strength in this up trend.

The stock could now spend a couple of weeks moving in the band between Rs 1,600 and Rs 1,900.

However, the medium-term outlook for the stock stays negative and SBI can move lower towards Rs 1,450 in this period.

The resistance levels for the week ahead are Rs 1,790 and then Rs 1,850.

Short-term traders can initiate fresh shorts if the stock fails to clear the first resistance.

Downward targets for the week are at Rs 1,582 and then Rs 1,510.

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