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State Bank of India moved higher in line with our expectation and achieved the first short-term target at Rs 1,570. Though the bearish engulfing candle recorded on Friday has marred the short-term picture, traders can hold their long positions as long as the stock trades above Rs 1,330. An upward reversal from these levels can take the stock higher to Rs 1,640 or Rs 1,750 in the near-term.

SBI is holding very steady amidst all the turmoil and the medium-term outlook for the stock remains positive.

The stock has the potential to rally to Rs 1,813, once it gets past Rs 1,570. Close below Rs 1,250 is required to negate the positive medium-term outlook.

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