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SBI (₹263.5)
After testing the key resistance at ₹270 for overtwo weeks, the stock fell 2.8 per cent last week. This fall has kept the intermediate-term downtrend — which has been in place from the January peak of ₹335 levels — intact. Both the daily and weekly relative strength indices are trending downwards in the neutral region. The price rate of change indicator appears to be in the negative area, implying selling interest. Though the short-term trend is in limbo, the stock can follow its medium-term downtrend and decline below ₹258 and reach ₹250 levels in the short term. Traders with a short-term perspective can consider selling the stock with a fixed stop-loss at ₹269 levels. Strong fall below ₹250 can drag the stock down to ₹241 levels. The stock needs to emphatically rally above ₹270 to alter the short-term trend. Such a rally can take it northwards to the level of ₹280 and then to ₹290 in the coming weeks.
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