SBI
K Seshadri
State Bank of India has crossed a resistance level at Rs 247.50 two days back. After a rise on Monday it has closed lower. The shedding of profit is in line with what has happened to other scrips on Tuesday. But the interesting thing about this scrip now is that it will take support at Rs 246.40, should the slide continue.Most likely the scrip would bounce back from this level. On the other hand if it slips through this, which seems unlikely, investors should know that Rs 234 is its longer term upslope support level. With bank lending rates jacked up, SBI could be a good bet. One should try and watch the Rs 246 level and take it on the bounce back. As to whether it will continue to move up higher and how high, the answer lies in the market. It will move in sympathy with the market. But what matters is that you are able to define the outline of the prospective price pattern.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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