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SBI reversed higher from the intra-week low at Rs 1,207 formed last Monday and moved steadily higher.

The short-term outlook for the stock continues to be positive. Daily momentum oscillators have moved in to bullish zone indicating that the up-trend can continue to take the stock higher to Rs 1,380 or Rs 1,425 in the near-term. Short-term traders can continue to hold their longs with a stop at Rs 1,190. Next support for the stock is at Rs 1,120.

The stock faces strong medium-term resistance between Rs 1,380 and Rs 1,420. Breach of this ceiling will take the stock higher to Rs 1,600. Fresh longs are however advised only on a strong move above Rs 1,420.

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