The stock of SBI advanced almost 2 per cent extending its rally last week. However, it faces difficulty in surpassing its key immediate resistance ahead at Rs.270.
An emphatic breakthrough of this level will pave the way for an up-move to Rs.280 and then to the upper boundary at Rs.290 levels.
This will keep the stock’s medium-term sideways consolidation phase intact and it will continue to move in a broad band between Rs.258 and Rs.290.
Traders with a short-term perspective can consider initiating long position on a strong rally beyond Rs.270 levels.
On the other hand, the stock can decline and find support in the base range between Rs.258 and Rs.260.
A decisive downside breakdown below Rs.258 will pull the stock lower to Rs.250 and Rs.241 in the short term. Subsequent support is pegged at the level of Rs.234.
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