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This stock moved in an extremely narrow range last week, in line with our expectation.

If it fails to clear the key near-term resistance is at Rs 1,720 early next week, we can expect a move downward to Rs 1,595 and below that to Rs 1,519.

The October 2007 trough at Rs 1,510 will also support the stock in the near-term. Resistances for the week would be at Rs 1,790 and then Rs 1,863.

SBI remains in a strong intermediate term down trend. The targets of the next leg down of the move from January peak are Rs 1,528 and then Rs 1,416. As per Fibonacci retracement targets too, a move towards Rs 1,400 is likely over the medium-term.

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