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SBI (₹250.7)
The support for SBI at ₹242 mentioned last week has held well. The stock made a low of ₹243.5 in the past week and bounced back from there. The possibility of a range-bound move between ₹244 and ₹255, the 55- and 21-day moving averages respectively, in the near term, cannot be ruled out. A strong break above ₹255 may take the stock higher to ₹260 initially. Inability to break above ₹260 and a subsequent reversal from there may keep the stock within the ₹245-₹260 range for some time. On the other hand, if the stock manages to rise past ₹260, it can target ₹265 and ₹275 thereafter. But a decisive fall below ₹244 will increase the possibility of the stock breaking below ₹242. Such a break can drag SBI lower to ₹235 or even ₹230 in the short term. However, such declines will be a good opportunity to buy this stock as ₹230 is a strong support. Medium-term investors can hold the longs. Accumulate longs on dips near ₹235 while retaining the stop-loss at ₹210.
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