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State Bank of India declined to our second near-term support at Rs 1,320 last week. The 50-day moving average line is also poised here. Next support is at Rs 1,245. Short-term investors can hold their long positions as long as this level holds.

Resistances for the week ahead would be at Rs 1,440 and then Rs 1,520.

As we had been reiterating, SBI faces medium-term resistance in the zone between Rs 1,500 and Rs 1,600. Since the stock failed to surpass this level, a decline to Rs 1,250 or even Rs 1,007 is possible in the medium-term. However, a reversal above Rs 1,250 would mean that the bulls still stand a chance to take the stock to Rs 1,700.

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