Technical Analysis – State Bank of India
SBI gained 2 per cent during the week, moving higher from its strong medium-term first support level of Rs 2,720. The second key support is pegged at Rs 2,500. The stock appears to have breached initial resistance level as well as the 21-day moving average at Rs 2,800. Short-term traders can consider holding the stock with stop-loss at Rs 2,700. The immediate target is Rs 2,850. A strong surge above this level will lift the stock higher to Rs 2,915 and Rs 2,975 in the near-term.
Over the medium-term though, SBI remains in a downtrend. An emphatic move beyond Rs 3,000 is necessary to alter the view to positive.
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