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The stock of SBI was choppy and closed on a negative note at less than one per cent last week. However, it trades above its key immediate support level of ₹247 as well as its 21 and 50-day moving averages. The near-term uptrend that began from the early September trough of ₹220 is weakening slightly.
A strong fall below the immediate support at ₹247 can drag the stock to the next base level of ₹240 or ₹235 in the near term. Only a fall blow ₹235 will mar the uptrend and pull the stock once again to the early September low of ₹220.
But an upward reversal from the immediate supports can take the stock higher to ₹260, which is a crucial trend-deciding resistance level. A decisive breakthrough of this resistance will pave way for an up move to ₹270 or ₹280 levels in the short term.
Therefore, traders with a short-term perspective should tread with caution in the near future.
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