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State Bank of India reversed lower from our first target at Rs 1,380 and declined to the stop-loss level at Rs 1,190 indicated last week. The presence of both the 50 and 200-day moving averages in the zone between Rs 1,200 and Rs 1,250 makes it an important support zone. Short-term traders can hold their long positions as long as the stock trades above Rs 1,140. A reversal from here can take the stock upward to Rs 1,260 or even Rs 1,300. Fresh investment should be avoided in this stock on a decline below Rs 1,140. If this is the continuation of the down move from the September 2008 peak, the targets are Rs 990 or even Rs 750.

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