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SBI is currently attempting to stabilise itself, following the trough at Rs 1,620 formed on Monday. As outlined last week, a reversal above Rs 1,600 can make the stock fluctuate in the band between Rs 1,600 and Rs 1,900 for a few more weeks.

A move beyond Rs 1,900 is needed to signal that the medium term outlook has turned positive for the stock. Conversely, a decline below Rs 1,600 will drag the stock to the next long-term support at Rs 1,400.

The daily oscillators are implying that the up-move last week lacked momentum. Strict stop loss should be observed at Rs 1,600 for all trading long positions. The near term targets are at Rs 1,730 and then Rs 1,760.

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