EquityPandit’s Outlook for SBI for the week  (April 17, 2017 – April 21, 2017) :

STATE BANK OF INDIA:

SBIN closed the week on positive note gaining around 0.70%.

As we have mentioned last week that minor resistance for the index lies in the zone of 292 to 294. Resistance for the stock lies in the zone of 300 to 305 from where the stock sold off in the month of May-2015. If the stock manages to close above these levels then the stock can move to the levels of around 325 to 330 where trend-line joining highs of 352 and 336 is lying. During the week the stock manages to hit a high of 295 and close the week around the levels of 292.

Minor support for the stock lies in the zone of 289 to 291. Support for the stock lies in the zone of 283 to 285 from where the stock broke out of February-2017 highs. If the stock manages to close below these levels then the stock can drift to the levels of 279 to 280 where short term moving averages are lying.

Minor resistance for the index lies in the zone of 292 to 294. Resistance for the stock lies in the zone of 300 to 305 from where the stock sold off in the month of May-2015. If the stock manages to close above these levels then the stock can move to the levels of around 325 to 330 where trend-line joining highs of 352 and 336 is lying.

Broad range for the stock in the coming week can be 280 to 282 on lower side to 300 to 303 on upper side.