"SBI on the daily chart has been consolidating with lower tops and lower bottom and stock has broken down below the neckline of head and shoulder pattern which was placed at Rs 2,100 levels. Hence forth the same support is likely to turn into resistance. The downward implication of inverted head and shoulder projects medium term target of Rs 1,900 levels. The 200 DMA for the stock is placed at Rs 2,015 which should be tested sooner. We recommend going short on SBI May Futures below Rs 2,075 with stop loss of Rs 2,115 for target of Rs 1,995. (Duration 9 days)," says IIFL research report.
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