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State Bank of India recorded an intra-week peak at Rs 1,604 before declining last week. But the mild nature of the correction implies that the near-term outlook stays positive. Immediate supports for the stock would be at Rs 1,458 and then Rs 1,400. Short-term traders can buy the stock on declines as long as the second support holds. Near-term targets for the stock are at Rs 1,639 and then Rs 1,687.

We retain the medium-term view that SBI is charting the third leg of the up-move from the Rs 1,007-trough. The targets as per this count are Rs 1,656 and then Rs 1,870. However, the intermediate term trend continues to be down and investors should be wary till there is a weekly close beyond Rs 1,870.

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