State Bank is technically at a critical juncture. While the scrip has been bullish on Monday, you should be careful not to be unduly energetic on the scrip on the upside, right now.The scrip faces a technical resistance at Rs.262.40. You could leave some more margin on the upside for a whipsaw potential.
The bank share could retreat after hitting this resistance. On the other hand, if it manages to break this resistance, then you could consider going long on it.
That is because other technical indicators have signalled a buy here. And that includes the long term investment. Higher up it will come up with a resistance at Rs.269. Clearly SBI is going to be the most challenging scrip for traders. You could protect yourself with a stop loss, while not wanting to miss the bus upside.
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