EquityPandit’s Outlook for SBI for the week (September 19, 2016 – September 23, 2016) :

STATE BANK OF INDIA:

SBIN closed the week on negative note losing around 3.70%.

As we have mentioned last week that minor support for the stock lies in the zone of 258 to 260. Support for the stock lies in the zone of 245 to 247 where 500 Daily SMA is lying. If the stock manages to close below these levels then the stock can drift to the levels of 235 to 238 where short term moving averages are lying. During the week the stock manages to hit a low of 252 and close the week around the levels of 254.

Minor support for the stock lies in the zone of 250 to 252. Support for the stock lies in the zone of 245 to 247 where 500 Daily SMA is lying. If the stock manages to close below these levels then the stock can drift to the levels of 238 to 240 where short term moving averages are lying.

Minor resistance for the stock lies in the zone of 262 to 264. Resistance for the stock lies in the zone of 272 to 275. If the stock manages to close above these levels then the stock can move to the levels of 288 to 290 from where the stock has sold off in the month of August – 2015.

Broad range for the stock in the coming week can be 245 to 247 on lower side to 264 to 266 on upper side.