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SBI too reversed lower after a short spurt on Monday and declined to our first target at Rs 1,140. But the short-term outlook will turn explicitly negative only on a breach of this level, signalling an impending decline to the recent trough at Rs 990.

If SBI holds above Rs 1,140 next week, it can move higher to Rs 1,290 or Rs 1,380 again. Short-term investors can hold their longs with a stop at Rs 1,130.

The medium-term view on SBI is however negative. Since the stock has reversed lower from Rs 1,375, it implies that the medium-term down trend can continue to make the stock test the support at Rs 1,000 once again. Close above Rs 1,370 is required to pave the way for a rally to Rs 1,550.

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