Comments
SBI (₹254.4)
SBI fell 3.6 per cent last week. The stock closed just below the 21-day moving average after hovering around it. Immediate support is at ₹251. A strong break below it can drag the stock lower to the key support at ₹245, which may halt the downmove. A subsequent reversal from ₹245 can take SBI higher to ₹255 and ₹260. In such a situation, the possibility of a range-bound move between ₹245 and ₹260 cannot be ruled out. A decisive break above ₹260 will boost the bullish momentum and can take it higher to ₹270 and ₹275. On the other hand, if SBI breaks below the support at ₹245, it can extend its fall up to ₹235 or even ₹230. However, ₹230 is a strong support level and further fall below it is unlikely. Also, the broader outlook is bullish and any sharp fall in the coming days may just be a corrective leg of the broader uptrend. Medium-term investors can hold the longs and accumulate near ₹250 and ₹245. Retain the stop-loss at ₹210.
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.