SBI - can u bank on it????

Nifty touched the indicated level of 4140 and went below it on close. The next immediate level is 4100 and below that 4070. Consider resistance at 4175 and 4220.

Among the stocks to fall today after a couple of days of stagnation, was SBI.



It is getting strong resistance near Rs 1600 levels and if you notice on the chart, it is a classic case of an earlier support becoming a resistance level.

I expect that a break below 1450 should lead to further fall. Overall trend of the stock can be consider weak unless it crosses Rs 1625 on upside. Even Bank Nifty has a downward bias on the intraday charts as it broke today below 6200.

CA Rajiv D Khatlawala