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The out-performance of SBI continued in a week when the entire stock market edifice was crumbling. Though the stock could not progress higher, the decline was not very severe either. The stock recorded an intra-week trough at Rs 1181 on Friday before reversing to close above our key medium-term support at Rs 1250. We stay with the view that the medium term view would stay positive as long as the stock holds above this level. The third leg of the up-move from the Rs 1007 trough can take the stock higher to Rs 1571 or Rs 1813. The support at Rs 1250 can be tested again next week. Subsequent support would be Rs 1180. Resistance would be at Rs 1350 and then Rs 1450. Fresh longs are advised only above the first resistance.

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