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Last week, the stock of State Bank of India failed to move past a key resistance at ₹247 and fell 1.6 per cent. The short-term trend continues to be down since its early August high of ₹291. Only an emphatic breakthrough of the trend-deciding level of ₹260 will alter the downtrend and take the stock northwards to ₹270 or ₹280 levels in the short term. To alter the stock’s medium-term downtrend, it needs to decisively break an important resistance level at ₹290. The stock trades well below 200-day moving averages. As the stock lacks strength and the indicators on the daily and weekly charts show signs of weakness, traders with a short-term view can consider initiating fresh short positions on the stock, while maintaining stop-loss at ₹245. A strong fall below ₹230 can drag the stock down to ₹220 in the short term. The next key support for the stock is at ₹210.
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