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SBI (₹302.2)
Last week, the stock closed 1.6 per cent down after repeatedly testing the key resistance around ₹308, where both 21- and 50-day moving averages are poised. This appears to be a corrective decline from the stock’s earlier sharp rally. Traders with a short-term perspective can make use of dips to buy the stock while maintaining a stop-loss at ₹290 levels. An upward resumption and breakthrough of the key resistance at ₹308 can push the stock higher to ₹313 and ₹320. Important resistances beyond ₹320 are placed at ₹326 and ₹335. Investors with a medium-term perspective can also buy the stock with a revised stop-loss at ₹280. Immediate supports for the stock are at ₹290 and ₹280 respectively. However, a decisive fall below the ₹280 support will mar the bullish short-term outlook and pull the stock down to ₹270 or ₹260 levels.
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