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The stock raced past our first target to record a high of Rs 1,455. But the bearish engulfing candle in the daily chart signals the commencement of a short-term down trend. Friday's low of Rs 1,332 is the immediate support. A bounce back from here can take the stock to Rs 1,408. But rally beyond this level is required to mitigate the bearish outlook for the short-term and take the stock to Rs 1,450.

The medium term outlook for SBI is positive. Investors can hold the stock with a stop at Rs 1,250.

Traders can play short if the stock struggles to cross 1,400.

Lokeshwarri S. K.

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