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SBI is stuck in the ₹264-283 range for the seventh consecutive week. A breakout on either side of ₹264 or ₹283 will decide the next trend. On the charts, the bias is bullish. The 55-week moving average has crossed the 200-week moving average and is on the verge of crossing the 100-week moving average. This is a bullish signal and increases the possibility of the stock breaking the current sideways consolidation range above ₹283 levels. Such a break can take the stock higher to ₹288. The stock may gain further momentum on a strong break above ₹288 in which case the stock can test a key resistance level of ₹300 in the short term. It will also increase the likelihood of the stock targeting ₹327 over the medium term. Investors can hold their long positions with a stop-loss placed at ₹220 levels. Revise the stop-loss higher to ₹230 if the stock rises to ₹295. The 21-week moving average at around ₹263 is a key support to note. The stock will come under pressure only if it breaks below this level decisively. The ensuing targets are ₹250 and ₹245. But such a fall looks less probable at the moment.
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