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SBI reversed from an intra week peak at Rs 1,638.

We reiterate that the stock faces strong medium-term resistance from the zone between Rs 1,500 and Rs 1,600 where the 200-day moving average is also positioned.

A weekly close above this zone will imply that the stock is heading towards the next medium-term target at Rs 1,850.

The short-term trend in the stock is currently up. The near-term support for the stock is at Rs 1,440 and then Rs 1,310.

Traders should avoid fresh long positions if the stock declines below the first support. The medium-term outlook will be under threat only on a decline below Rs 1,300.

— Lokeshwarri S. K.

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