EquityPandit’s Outlook for SBI for the week (November 28, 2016 – December 02, 2016) :

STATE BANK OF INDIA:

SBIN closed the week on negative note losing around 5.40%.

As we have mentioned last week that Minor support for the stock lies in the zone of 270. Support for the stock lies in the zone of 263 to 265 from where the stock has broken out of the double top pattern. If the stock manages to close below these levels then the stock can drift to the levels of 246 to 248 where medium term moving averages are lying. During the week the stock manages to hit a low of 251 and close the week around the levels of 261.

Support for the stock lies in the zone of 263 to 265 from where the stock has broken out of the double top pattern. If the stock manages to close below these levels then the stock can drift to the levels of 246 to 248 where medium term moving averages are lying.

Minor resistance for the stock lies in the zone of 264 to 266 levels. Resistance for the stock lies in the zone of 269 to 271 levels from where the stock has broken down from the declining triangle pattern on intraday basis. If the stock manages to close above these levels then the stock can move to the levels of 278 to 280 from where the stock has broken down.

Broad range for the stock in the coming week can be 248 to 250 on lower side to 270 to 272 on upper side.