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SBI closed with a meagre gain of 2 per cent last week. This is the third week that the stock has spent in a sideways move accompanied by low volumes. Though momentum is slowing down, there could be one more spurt in the short-term to Rs 1,645, Rs 1,690 or Rs 1,743.

Short-term investors can hold the stock with a stop at Rs 1,500. We stick with the positive view for the medium term until the stock trades above Rs 1,390. But caution is advised since this sideways move can be a terminal corrective or a rounding top, which is a reversal pattern.

Lokeshwarri S.K.

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