Technical Analysis

SBI can test its key support at ₹255

Gurumurthy K | Updated on January 23, 2018 Published on May 10, 2015


SBI (₹261.8)

The stock of SBI fell 3 per cent last week, extending its loss for the third consecutive week. The outlook is bearish. Resistances are at ₹268 and ₹271, which can limit the upside for the stock this week. Intraweek rallies to these levels can attract fresh selling interest. A fall to ₹255, which is a key support level, looks likely. Decline below ₹255 can increase the downside momentum and drag the stock lower to ₹248. Short-term traders can go short. Stop-loss can be kept at ₹272 for the target of ₹247. The downside pressure can ease if the stock records a strong break above ₹271. In such a scenario, a relief rally to ₹278 is probable. The medium-term outlook is also bearish with key resistances at ₹280 and ₹290. The stock can fall to ₹235 and ₹230 in the medium term.

Published on May 10, 2015
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