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SBI (₹254.4)
SBI was range-bound between ₹250 and ₹259 in the past week and has closed on a flat note. The weekly candles reflect indecisiveness in the market. Immediate support is at ₹251. A break below it can take the stock lower to ₹246 or ₹242. A reversal from either of these supports can see a rally back to ₹260. If the stock manages to breach above ₹260 decisively, it can boost the bullish momentum that can take it to ₹270 or ₹275. Inability to break above ₹260 can keep SBI inside the ₹242-₹260 range. On the other hand, if the stock declines below ₹242, the pressure will rise for a further fall to ₹230 thereafter. But such a fall will be a good opportunity to buy the stock as ₹230 is a very strong support which is likely to halt the fall. The 21-week moving average is also on the verge of crossing over the 200-week mark, suggesting that the downside could be limited and the broader uptrend would remain intact. Medium-term investors can hold the longs and accumulate near ₹246 and near ₹232. Retain the stop-loss at ₹210.
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