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State Bank of India moved sideways with a positive bias last week. The short-term trend in the stock is up since the recent trough at Rs 995. But there is a strong short-term resistance at Rs 1,230. A weak start next week will take the stock down to Rs 1,080 again.

The short-term outlook will, however, turn negative only if this level is penetrated. Short-term investors can hold their long positions with a stop at Rs 1,070.

Conversely if SBI holds above Rs 1,140, it can move on to Rs 1,274 or Rs 1,356 over the upcoming weeks.

The medium-term range for SBI is between Rs 1,000 and Rs 1,500.

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