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The stock of SBI extended its corrective up move and gained 5 per cent in the week ago. However, the stock tests a key resistance at ₹240 levels. A positive move in the current week can push the stock higher to ₹250 and then to ₹260 levels in the near term. To alter the short-term downtrend, the stock needs to conclusively break the significant resistance level of ₹260. In that scenario, the stock can extend the rally to the subsequent resistance level of ₹290 in the medium term. As long as stock trades below the trend deciding level of ₹260, traders with a short-term perspective should tread with caution. The medium-term trend is down and will remain intact as long as the stock trades below ₹290 levels. A downward reversal from the current resistance level can pull the stock down to ₹230 and then to ₹220. Subsequent supports are placed at ₹210 and ₹200 levels.
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