Its a do or die situation for State Bank of India. SBI is just Rs.8 away to breach its recent low of Oct-2011 at 1710.
If that happens then it would register two year low figures from 2009. Banks were hit really hard and losing the momentum continuously.
Ichimoku daily charts show a resistance at 2000. Since May 2011 SBI is unable to cross above Ichimoku zone and it keeps on falling in synch with Ichimoku.
Daily support levels for SBI – 1710 and below that 1640.
Resistance levels to unfold any upmove is only above 1870.
If 1640 also not respected then SBI is a forgotten case. Those who want to invest can keep their stops at 1640. Below that it will fall into deep red zone. So play safe.
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