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Lokeshwarri S. K.

There is no abatement in the selling pressure in this counter. SBI is down 34 per cent from its all-time high that was made in December 2006. It has also closed below its 200-day moving average for the second week in a row. The long-term support at Rs 940 was broken last week. The next long term support for SBI exists at Rs 800.

Oscillators in both the daily and the weekly charts are painting an ominous picture. Short-term rallies will face resistance from Rs 1,010 and then from Rs 1,050.

Fresh longs should be initiated only on a firm close above Rs 1,050.

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