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The feeble attempts to stabilise itself above Rs 1,600 could not last and SBI has closed the week below the psychological Rs 1,600 mark. The 14-week relative strength index at 40 implies that the medium-term down trend can intensify further. The target of the third leg from the January peak is Rs 1,337 and then Rs 1,240. There is an interim support (long term) at Rs 1,500.

The daily oscillators are also very bearish. Short-term traders can initiate fresh short positions once the stock declines below Rs 1,560. The subsequent targets for the week are Rs 1,490 and then Rs 1,354. The weekly resistance levels are at Rs 1,670 and Rs 1,740. A close above Rs 1,700 is needed to make the short-term outlook positive.

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