SBI has been bearish for a while it is currently in wave 5. Post quarterly results SBI has been declining further and may see support around 1856 and finally at the end may stop declining around 1809.
According to Elliot wave analysis wave 5 is on the move and it has some room for downward movement, however not more than 50 to 60 points. Combining the fibonacci extension with Elliot wave analysis clearly the stock may take a turn anywhere between 1856 and 1809 levels
Now SBI may see an upward movement close to 1900 to 1950 levels back once this decline stops
Going by technical indicators, RSI and Stochastics are already in the over sold zone and suggests only another 50 to 60 point decline at the max. and should start bouncing back from those levels
All PSU banks have got weakness in charts however private banks like ICICI have shown major strength made have made new highs and that is one of the reasons why BANK NIFTY still looks lucrative on charts
Coming back to view on SBI, even the trend indicators TRIX and MACD are suggesting a decline for only sometime and after which a cross over is expected anytime next week
Summary
Look for buying SBI on dips, do not try to fish the bottom we never know the exact value however try buying anywhere between 1856 to 1809 which is the range.
Buy on dips and target 1900 to 1950 in couple of trading sessions, keep SL well below 1800
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