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The stellar rally in SBI in the first half of last week was stalled at the resistance at Rs 1,380.

As explained earlier, failure to move above this level implies that the short-term view remains negative and the stock can decline to Rs 1,140 or even the recent trough at Rs 990 in the short-term.

Short-term investors can hold their long positions with a stop at Rs 1,130.

If the stock holds above Rs 1,180 next week, the current rally can continue to take the stock price higher to Rs 1,417 or even Rs 1,564.

We maintain a neutral medium-term view for this stock and it is likely to move between Rs 1,000 and Rs 1,500 over this period.

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