State Bank of India
It was a week of wild gyration for SBI. The stock plummeted below Rs 1,000 to Rs 980 before reversing sharply to close the week with a 2 per cent gain. The bullish hammer in the weekly candlestick chart coming close on the heels of the morning-star implies that buyers are eager to buy in declines. If the third leg of the move from Rs 894 trough is unfolding currently, the targets for the stock are Rs 1,220 and Rs 1,368. Investors with a medium term perspective can hold the stock as long as it sustains above Rs 1,000.
Short-term resistance exists in the zone between Rs 1,200 and Rs 1,220. Traders can book partial profit as the stock approaches this band. Supports for the week would be at Rs 1,098 and Rs 1,051.
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