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SBI continued to surprise with its resilience. Despite brief incursions below the short-term support at Rs 1,400, the stock managed to close above this level on all four days. A move higher towards Rs 1,565 or Rs 1,620 is possible in the near-term. But the presence of strong resistance at these levels makes it necessary for traders to tread with care till the stock moves firmly above the second resistance.

The medium-term trend in the stock is up since the Rs 1,007-trough. The current move between Rs 1,300 and Rs 1,600 can be followed by an upward break-out to Rs 1,700 or Rs 1,850. The medium-term view will turn negative only on a close below Rs 1,250.

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