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SBI (₹278.3)
The stock of SBI was choppy last week, testing a key support at ₹280. Since its January 2015 peak of ₹335, it has been on a short-term downtrend. However, it now tests a key support as well as its 200-day moving average of around ₹277. The daily relative strength index features in the bearish zone, implying downward momentum. Other indicators in the daily chart feature in the negative territory too, signifying bearishness. A fall below its 200-day moving average will reinforce bearish momentum and drag the stock down to the next support of ₹270. Traders with a short-term perspective can initiate short position in rallies with a stop-loss at the level of ₹290. A slip below ₹270 will strengthen the downtrend and take the stock to ₹260. Important resistances above ₹290 are at ₹300 and ₹308. An emphatic move above ₹308 is needed to change the downtrend and take it up to ₹315 or ₹326
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