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SBI tested the support at Rs 1,000 briefly, as indicated in our last column, to record an intra-week trough at Rs 991. We reiterate that the Rs 1,000-level is an important long-term support and a significant trough is possible here.

If this level is breached, the next halt would be at the March 2007 trough at Rs 796.

The medium-term view has now been revised to neutral and the stock could oscillate between Rs 1,000 and Rs 1,500 for a few weeks.

However, failure to rally past Rs 1,380 over the next few weeks would maintain the risk of a decline below Rs 1,000.

Supports for the week would be at Rs 1,007 and then Rs 991.

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