Wednesday, 19 November 2008

SBI has support at Rs 500: Guppy

Daryl Guppy, Founder and Director of is of the view that if SBI fails to hold Rs 1000 then it has support at Rs 500.

Guppy told CNBC-TV18, "SBI is developing a double bottom at around Rs 1,000 level. We are looking at reversal pattern developing. But these have been very weak in the current market situation technically. So if that Rs 1,000 double bottom level fails a hold, we are looking at around Rs 500 as a support target based on a technical basis. A rebound from Rs 1,000 will see a resistance around Rs 1,350."

Source: Moneycontrol

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