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Lokeshwarri S.K.

SBI moved sideways before rallying to Rs 1,531 on Friday. We had indicated last week that we could be in the fifth wave of the move since the March low. Since the stock has moved beyond the first two targets, it could now move towards the third target at Rs 1,584.

The near term resistance is present in the band between Rs 1,540 and Rs 1,580. A move above this band will take the stock to Rs 1,637 over the medium term. Hold the stock with a stop at Rs 1,400. Support below Rs 1,400 would be Rs 1,355.

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