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State Bank of India moved in line with our expectation, sliding down to an intra-week trough at Rs 995 and gaining more than 20 per cent from there.

As mentioned earlier, Rs 1,000 is a key long-term support for the stock since it occurs at 61.8 per cent retracement of the entire long-term up trend from the September 2001 trough.

Consolidation between Rs 1,000 and Rs 1,500 is a positive from the long-term perspective.

The short-term trend in the stock is up. But the stock faces strong resistance in the band between Rs 1,200 and Rs 1,250.

Inability to get past this band will pull the stock lower towards Rs 1,078 or Rs 995 again.

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