EquityPandit’s Outlook for SBI for the week (December 07, 2015 – December 11, 2015):

STATE BANK OF INDIA:

State Bank Of India (NSE: SBIN) closed the week on negative note losing around 3.20%.

As we have mentioned last week that the resistance for the stock lies in the zone of 245 to 250 where 500 Daily SMA and 100 Weekly SMA are lying. If the stock manages to close above this levels then the stock can move to the levels of 255 where trend-line and 100 Daily SMA are positioned. During the week the stock manages to hit a high of 253 and sold off to close the week around the levels of 242.

Support for the stock lies in the zone of 235 where long term support for the stock is lying. If the stock manages to close below this levels then the stock can drift to the levels of 225 where 1000 Daily SMA and 200 Weekly SMA are positioned.

The stock has closed around the strong resistance zone of 245 to 250 where 500 Daily SMA and 100 Weekly SMA are lying. If the stock manages to close above this levels then the stock can move to the levels of 255 where trend-line and 100 Daily SMA are positioned.

Broad range for the stock in the coming week can be 230 – 235 on lower side to 250 – 255 on upper side.