EquityPandit’s Outlook for SBI for the week (August 22, 2016 – August 26, 2016):

STATE BANK OF INDIA:

SBIN closed the week on positive note gaining around 6.20%.

As we have mentioned last week that resistance for the stock lies in the zone of 245 to 248 where 500 Daily SMA is lying. If the stock manages to close above these levels then the stock can move to the levels of 254 to 256. During the week the stock manages to hit a high of 260 and close the week around the levels of 259.

Minor support for the stock lies in the zone of 253. Support for the stock lies in the zone of 248 to 250 where 500 Daily SMA is lying. If the stock manages to close below these levels then the stock can drift to the levels of 233 to 235.

Resistance for the stock lies in the zone of 275 to 280. If the stock manages to close above these levels then the stock can move to the levels of 290 to 293.

Broad range for the stock in the coming week can be 250 to 252 on lower side to 268 to 270 on upper side.