Date:07/09/2008 URL: http://www.thehindubusinessline.com/bline/iw/2008/09/07/stories/2008090750370901.htm

Back SBI

This stock moved in line with our expectation, rallying to an intra-week peak at Rs 1,550.

Despite the downward blip on Friday, we continue with the view that SBI is charting the third leg of the up-move from the July trough that has the medium-term targets of Rs 1,690 or Rs 1,930.

This view will be negated on a close below Rs 1,300.

SBI can record a minor decline to Rs 1,450 or Rs 1,400 next week.

Short-term traders can use such declines to buy the stock with a stop at Rs 1,390.

A halt above the first target would be a sign of strength and imply an impending move higher to Rs 1,604 or Rs 1,640 in the near-term.

— Lokeshwarri S. K.