EquityPandit’s Outlook for SBI for the week  (July 10, 2017 – July 14, 2017) :

STATE BANK OF INDIA:

SBIN closed the week on positive note gaining around 2.40%.

As we have mentioned last week that resistance for the stock lies in the zone of 279 to 281 from where the stock broke down from the lows of April – 2017 and May – 2017. If the stock manages to close above these levels then the stock can move to the levels of 288 to 290 where Fibonacci level is lying. During the week the index manages to hit a high of 283 and close the week around the levels of 280.

Minor support for the index lies in the zone of 276 to 277. Support for the stock lies in the zone of 270 to 272 where long term moving averages and break-out levels for the stock are lying. If the stock manages to close below these levels then the stock can drift to the levels of 264 to 266 where lows for the month of March – 2017 is lying.

Resistance for the stock lies in the zone of 279 to 281 from where the stock broke down from the lows of April – 2017 and May – 2017. If the stock manages to close above these levels then the stock can move to the levels of 288 to 290 where Fibonacci level is lying.

Broad range for the stock in the coming week can be 270 to 272 on lower side & 290 to 292 on upper side.