“SBI on the daily chart has been consolidating with lower tops and lower bottom and short term support for the stock placed at Rs2275 which was broken convincingly and below same the downward momentum is expected to aggravate further. Despite the repo rate cut by RBI, SBI has failed to react positively and close at days high which exhibits inherent weakness in the counter and stock has decent potential to slide down to Rs2150 in the near term. We recommend going short on SBI May Futures above Rs2,230 with stop loss of Rs2,265 for Target of Rs2,160. (Duration 7 days),” says IIFL research report.
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