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SBI continued its harrowing fall to achieve our medium-term target at Rs 1,337 last week. The intra week low was Rs 1,293 and the next target of the third leg down from January peak is Rs 1,058. The stock is currently testing the long-term trend line at Rs 1,300. A reversal is possible from these levels. But a weekly close below Rs 1,300 would put the positive long-term view in jeopardy.

The stock is pausing at the August 2007 trough at Rs 1,300 currently. But the recovery has not been convincing so far. The next near-term support is at Rs 1,200. Minor rallies would face resistance at Rs 1,500 and Rs 1,634. Close beyond the second resistance is needed to make the medium-term outlook positive.

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