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SBI moved in a narrow range between Rs 1,200 and Rs 1,325 last week. The short-term trend continues to be up and the shallow correction witnessed last week implies that there can be one more leg higher to Rs 1,380 or Rs 1,425 in the near-term. Short-term traders can hold their long positions with a stop at Rs 1,190. Next support is at Rs 1,120.

The key medium-term resistance band is between Rs 1,380 and Rs 1,420. Downward reversal from this band can drag the stock towards Rs 1,000 again. Close above the 200-day moving average at Rs 1,420 is needed to herald a medium term up trend. Long-term investors can accumulate the stock close to Rs 1,000.

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