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SBI rallied strongly in the first part of the week to move past outermost short-term target at Rs 1,556. The stock faces strong resistance at Rs 1,535 (38.2 per cent retracement of the down move from January peak) and at Rs 1,610 where the 200-day moving average is positioned. A reversal from this zone can result in the stock moving in the range between Rs 1,000 and Rs 1,600 over the medium term. A close above Rs 1,600 would give the subsequent medium term targets at Rs 1,700 and then Rs 1,850. Though the short-term view on SBI is positive, the weekly oscillators advocate caution from a medium term view point. Short term supports are at Rs 1,354 and then Rs 1,225. Fresh short positions are advised only on a decline below the first support.

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