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The stock of SBI closed on an indecisive note last week. The rally that had begun from the recent low of ₹220.6 came to a halt around the 38.2 per cent Fibonacci retracement level resistance of ₹247. The stock was range-bound between ₹233.65 and ₹248.5 and closed lower by 1.3 per cent. Short-term traders can stay on the sidelines and wait for a clear trade signal to emerge. Key supports are at ₹236 — the 21-day moving average — and at ₹234. A strong break and a decisive close below ₹234 will turn the outlook bearish. The stock can then fall to ₹228 and ₹224 — the key 200-week moving average. On a strong break below this support, it can tumble to ₹210 and ₹200 over the medium term. On the other hand, a strong break above ₹247 is needed for the stock to gain bullish momentum. Such a break can take it higher to ₹255.
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