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SBI (₹251)
SBI tumbled 2.8 per cent on Friday and wiped out all the gains made during the week. Immediate support is at ₹249 . A break below it can take the stock lower to ₹243 or ₹240. The 100-week moving average at ₹238 and the 38.2 per cent Fibonacci retracement support at ₹235 are the key levels to watch out for. A break below ₹235 looks less probable. Fresh buying interest may emerge in the ₹240-₹235 region and trigger a reversal if SBI declines below ₹249 this week. Also, the presence of the 200-day and the 21-month moving averages around ₹233 suggests that the downside could be limited . On the other hand, ₹265-₹270 is a key resistance zone. A strong break above ₹270 is needed for the stock to gain fresh bullish momentum. This can take SBI to ₹290 initially. It will also increase the likelihood of it targeting the long-term resistance around ₹325. Medium-term investors holding long positions can accumulate on dips near ₹235. Retain the stop-loss at ₹220 and revise it higher to ₹230 as soon as the stock moves up to ₹295.
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