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SBI (₹282.15)
SBI fell below the support at ₹287 and closed 3 per cent lower last week. This level of ₹287 may not act as a near-term resistance. A dip to test the next support at ₹277 is possible in the coming days. Further fall below this support may increase the likelihood of the stock extending its fall to ₹270 or even lower thereafter. But a break below ₹277 is less likely as this is a strong trend-line as well as the 55-day moving average support level. As such, a subsequent reversal from ₹277 can take the stock higher to ₹287 and ₹290 once again. A strong break above and a decisive close above ₹290 can boost the momentum and pave way for the next short-term targets of ₹303 and ₹308. If SBI manages to surpass ₹308, the uptrend can extend towards ₹327 and ₹330 over the medium term. Investors can hold the long positions. Retain the stop-loss at ₹230 and revise it higher to ₹260 as soon as the stock moves up to ₹315. Book partial profits on 25 per cent of your holdings at ₹325.
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