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Despite the decline below the support at Rs 1,350 on Tuesday, SBI reversed higher the next day, thus underlining the fact that the short-term outlook stays positive.

The strong resistance in the zone between Rs 1,500 and Rs 1,600 will, however, continue to thwart up moves. A consolidation in the band between Rs 1,300 and Rs 1,600 would be an ideal base from where the next leg of the up-move from the Rs 1,007-trough can be launched.

We retain a cautious outlook for the medium-term. SBI needs to close firmly beyond the 200-day moving average at Rs 1,600 to signal that it is ready to move higher to the next medium-term target at Rs 1,850.

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