SBI continues to trade within a sideways range of Rs.232-250. The stock recorded a high of Rs.252.9 on Monday and has reversed sharply to close over 3 per cent lower for the week.
Within the range, SBI can decline further to test Rs.235 and Rs.232 this week. A breakout on either side of Rs.232-Rs.250 will decide the next leg of move for the stock. On a reversal from Rs.232, SBI will continue to trade sideways. In such a scenario, a rise to Rs.250 is possible.
Short-term traders can wait for dips and go long if the stock reverses higher from Rs.232, with a stop-loss at Rs.228 for the target of Rs.240. The outlook will turn bearish if the stock declines below Rs.232. The ensuing target on this will be Rs.228.
On the other hand, the outlook will turn bullish only if the stock moves past Rs.250 decisively. The next targets will be Rs.258 and Rs.260.
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