Karvy Stock Broking Limited has maintained ‘Sell’ rating on State Bank Of India stock to achieve a target between Rs 1,200-1,220 today.

The investors are advised to sell the stock in order to avoid loss, as there are full chances of a downward trend in this stock.

If the stock fell below Rs 1,270, it may see more weakness.

According to Karvy, investors can sell the stock below Rs 1,280 with a strict stop loss of Rs 1,310.

After selling the stock in today’s session, the interested investors can enter the stock again, but only on declines.

State Bank of India has signed a memorandum of understanding (MoU) with Self Employed Women`s Association (SEWA) for its Gram Mahila Haat (GMH) project.

Members of SEWA GMH would be issued loans up to Rs 3 lakh at 7% interest rate a year by the bank`s business facilitator entity for agricultural purposes. This scheme is not followed by equated monthly installment (EMI).

The nation’s largest lender has also inked a joint venture (JV) deal with Societe Generale Securities Services (SGSS), a division of Societe Generale Group.

Moreover, the bank hiked the interest rates on foreign currency non-resident bank account deposits and non-resident external term deposits with effect from Jun. 01, 2008.

Foreign currency non-resident bank FCNR (B) deposits in US Dollar, having maturity of one year to less than two years, would now attract an interest rate of 2.41% as compared to 2.33% earlier.