SBI (₹257.8)
Last week, the stock plunged 7 per cent with good volume breaching the immediate support at ₹274 levels. The stock has decisively breached the moving average compression (21-, 50- and 200-day moving averages) at around ₹278. However, the stock found support at the next base zone between ₹258 and ₹260 and is testing it. A conclusive fall below the base zone will intensify selling pressure and pull the stock down to ₹250 and then to ₹241. Traders with a short-term view can initiate short positions on such a fall with stop-loss at ₹264 levels. An upward reversal from the current level can keep the stock moving sideways in a wide range between ₹258 and ₹290. Investors with a medium-term view can desist from trading in the stock. Immediate resistances are pegged at ₹270 and ₹280 levels.
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