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SBI (₹292.6)
SBI surged 6 per cent last week, breaking above a key resistance at ₹288. The bullish outlook is intact. A rise to ₹300 is likely in the near term. Inability to break above ₹300 may trigger a pull-back move to ₹290 or ₹288. Series of supports are poised between ₹288 and ₹280, which can limit the downside in the near term. So, dips to these supports may find fresh buyers coming into the market. An eventual break above ₹300 will see SBI moving higher to the medium-term target of ₹327. The region between ₹327-₹330 is a key long-term resistance. The price action after testing this resistance zone will need a close watch as that would be deciding the next trend. Investors can hold the long positions. Revise the stop-loss higher to ₹230. Move the stop-loss further higher to ₹260 as soon as the stock reaches ₹315. Book partial profit of about 25 per cent of your holdings at ₹325. The short-term outlook will turn negative only if the stock declines below ₹280 decisively. The targets on a fall below ₹280 are ₹270 and ₹265. But such a fall looks less probable.
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