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SBI (₹240.2)
Last week, SBI’s key support at around ₹235 held its ground once again. Amid volatility, the stock closed marginally down for the week. The support level of ₹235 also coincides with the 61.8 per cent Fibonacci retracement level of its prior up move. A decisive fall below this support can mar the near-term uptrend and drag the stock down to ₹230 and then to ₹220. Hence, traders with a short-term perspective can consider selling the stock on such a decline with a fixed stop-loss. However, if the stock manages to take support from this level, it can move up. It can encounter resistance in the band between ₹250 and ₹260. An emphatic breakthrough of this resistance level will strengthen the bullish momentum. Subsequent short-term targets on a decisive rally above ₹260 are ₹270 and ₹280.
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