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The SBI stock fell 2 per cent last week, decisively breaching its 200-day moving average. With this, the stock appears to have resumed its short-term downtrend. The relative strength index in the daily chart is on the brink of entering the bearish zone from the neutral region. Other indicators on the daily chart feature in the negative territory, backing the downtrend. The short-term view will remain bearish for the stock as long as it hovers below the significant resistance band between ₹290 and ₹295. Short-term traders can go short on rallies with a stop-loss at ₹280. The stock can continue its decline and reach the price target of ₹260 and ₹255. Investors with a medium-term perspective can consider booking profits and re-entering later. Key supports on a fall below ₹255 are pegged at ₹240 and ₹230.
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