SBI is range bound for the last three weeks between 222 to 235. Any breakout on either side would be fast and furious. Trendline support is at around 220 and 21 Day simple moving average is at 226. Taking into consideration some positive bias, one can keep stop loss at 219 and maintain the long position for a short term target of 242 and medium term target of 255.
Nifty need to consolidate between 8000 to 8500 before trending up either in first week Oct 2016 or in mid Dec 2016.
For all this Nifty should protect 7500. I believe it would be successful in defending 7500