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Lokeshwarri S. K.

SBI was able to close above both the 50-day and the 200-day moving averages last week. The break-out towards the end of last week was accompanied by strong volumes. The stock was able to attain our outer target of Rs 1,076. The current up-move seems to be the C wave of the move that commenced on March 16. This wave has the targets of Rs 1,076 and then Rs 1,175.

Since, the week ahead promises to be an eventful one for banking stocks, it would be best to maintain tight stops at Rs 1,015.

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