The downswing in State Bank of India will continue for some time. Rs 2,580 is the first target on the lower side. In case Nifty also turns weak, it might even go to Rs 2,520, says Mitesh Thacker, Technical Analyst, miteshthacker.com.
Thacker told CNBC-TV18, "The chart of SBI is weak, very clearly in the sense that the stock price was taking good support at Rs 2,730-2,740 levels. In the last two weeks, we saw atleast numerous occasions when this level held out and we saw some kind of bounce back happening from there. Today we are clearly trading below that level comfortably. So my belief is that the downswing which probably will take a breather and give a bounce back will continue for some time. Rs 2,580 is the first target I would look for on the lower side. Probably in case Nifty also turns weak, this stock might even go to Rs 2,520." SBI touched an intraday high of Rs 2,717 and an intraday low of Rs 2,629. At 14:12 hrs the share was quoting at Rs 2,640.40, down Rs 56.90, or 2.11%. It was trading with volumes of 691,748 shares. Yesterday the share closed down 1.33% or Rs 36.30 at Rs 2,697.30.Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
