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After a two-week strong rally, SBI paused in the past week. The stock was stuck in a sideways range between ₹271 and ₹283 all through the week. Though the immediate outlook is unclear, the broader picture continues to remain bullish for the stock. Immediate support is at ₹270. Next key supports are at ₹267 and ₹264, which are likely to limit the downside in the stock. A crucial resistance is at ₹290 which can be tested in the coming days. Inability to break above ₹290 may keep SBI trading within a sideways range between ₹270 and ₹290 for some time. On the other hand, if the stock manages to breach above ₹290 decisively, it can gain momentum. Such a break can take the stock higher to ₹300 initially. Further break above ₹300 will pave way for the medium-term target level of ₹327. Medium-term investors can hold the long positions with a stop-loss at ₹220. Move the stop-loss higher to ₹230 as soon as the stock rises to ₹295. The stock can fall to ₹255 and ₹250 only if it breaks below ₹264 decisively. But such a strong break below ₹264 looks less probable.
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