The SBI stock saw choppy trades the previous week and closed on a negative note. Both the medium and short-term trends are down for the stock. It trades well below its 21- and 50-day moving averages.
The indicators in the daily chart feature in the bearish zone, backing the stock's downtrend. The indicators in the weekly chart have also entered the bearish zone signalling that the trend is strengthening.
Traders can sell the stock while maintaining a stop-loss at Rs.233. The stock can decline to test its immediate support at Rs.220 levels. An emphatic fall below this level can pull it down to Rs.210.
The next key support is in the band between Rs.190 and Rs.200. On the other hand, the stock needs to breach the immediate resistances a Rs.235 and Rs.242 to negate the short-term downtrend and take it higher to Rs.250 or Rs.258.