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SBI has slipped towards our medium term support of Rs 1,000. The presence of the 200-day moving average at this level makes it an important long-term support. If the stock price slips through this level, it could halt in the band between Rs 950 and Rs 974.

Monthly chart of SBI suggests that a five-wave move could be complete from the low made in April 2003. According to this count too, there is strong long-term support at Rs 950. Investors should wait for a rally above Rs 1,115 before contemplating fresh longs on this counter.

Lokeshwarri S. K.

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