EquityPandit’s Outlook for SBI for the week  (April 24, 2017 – April 28, 2017) :

STATE BANK OF INDIA:

SBIN closed the week on negative note losing around 3.20%.

As we have mentioned last week that 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. During the week the stock manages to hit a low of 279 and close the week around the levels of 282.

Support for the stock lies in the zone of 278 to 280 from where the stock broke out of February-2017 highs and short term moving averages are lying. If the stock manages to close below these levels then the stock can drift to the levels of 268 to 270 from where the stock broke out and medium term moving averages are lying.

Minor resistance for the index lies in the zone of 284 to 285. Resistance for the stock lies in the zone of 288 to 290 from where the stock broke down and Fibonacci levels are lying. If the stock manages to close above these levels then the stock can move to the levels of around 296 to 298 where the stock has formed a short term top.

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