• Investment World
• eWorld
• Brand Line
• Mentor
• Life
• Brand Quest
• The New Manager
• BL Club
• Smartbuy

Stocks

• Quotes
• SE Diary
• Scoreboard
• Open-End Mutual Fund

Cross Currency

• Rates
  
  

Shipping

• Ports
  
  

Archives

• Yesterday
• Datewise
• Resources
• In Focus
• In Depth
• Events 2007

Group Sites

• The Hindu
• The Hindu ePaper
• Business Line
• Business Line ePaper
• Sportstar
• Frontline
• The Hindu eBooks
• The Hindu Images

SBI stood rock-steady amidst the bedlam that ensued last week.

The stock rebounded from our near-term support at Rs 1,400 though it could not break the ceiling at Rs 1,600. Immediate target for the stock once this ceiling is breached is Rs 1,705. Short-term supports are at Rs 1,400 and then Rs 1,302.

Traders can hold their trading longs as long as the first support holds.

Our medium-term view for the stock stays positive. There could be one more spurt to Rs 1,700 or Rs 1,870 before the move from the July trough comes to an end. However, it needs to be borne in mind that the larger down trend since January will reverse only on a move beyond Rs 1,870.

More Stories on : Technical Analysis | Stocks

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Copyright © 2008, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line