SBI may slip to Rs 1150: Mathew

Technical Analyst, E Mathew is of the view that State Bank of India, SBI may slip to Rs 1150.

Mathew told CNBC-TV18, "SBI, Bank of India, ICICI Bank are looking extremely oversold but what is disconcerting is that if you had asked me at any other time I would have thought that chartically it is looking so oversold even if you look at something like a weekly charts. SBI I thought around Rs 1,220-1,230 would invite support but right now it looks like that if this level breaks and we are precariously close to that, I am afraid we could see a level of even something like Rs 1,150. But we are somewhere close to the bottom but that does not mean that it is going to be a sharp spike upward, I do not think so. What instead could be more encouraging for SBI could be a consolidation maybe at Rs 1,150-1,200. Surprisingly, HDFC Bank’s chart is looking much better than SBI or Punjab National Bank. If HDFC Bank falls by another Rs 30 from the current levels, I think a lot of contrarion buying may emerge in this, at least the chart seems to indicate that."

Disclosure: It is safe to assume that analyst and his client may have an investment interest in the above stock/sector.