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SBI (₹293.6)
The stock tested its key resistance at ₹308 and failed to breach it decisively. After recording an intra-week high of ₹315, it tumbled 7 per cent and closed the week 2.6 per cent lower. It now tests a key support at ₹290. A decisive fall below this level will be cue for initiating fresh short position, with a stop-loss at ₹298. The stock can decline to ₹280 and then to ₹270 in the short term. To alter the bearish outlook, the stock needs to conclusively break through the immediate resistance at ₹308. Such a break can push the stock higher to ₹315 and ₹320. Subsequent resistances are at ₹326 and ₹335 levels. Investors with a medium-term perspective can consider taking profits off the table on a decisive fall below ₹290 and re-entering later.
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