EquityPandit’s Outlook for SBI for the week (August 16, 2016 – August 19, 2016):

STATE BANK OF INDIA:

SBIN closed the week on positive note gaining around 4.50%.

As we have mentioned last week that resistance for the stock lies in the zone of 230 to 235 from where the stock has sold off in the month of Dec – 2015. If the stock manages to close above these levels then the stock can move to the levels of 245 to 248 where 500 Daily SMA is lying. During the week the stock manages to hit a high of 248 and close the week around the levels of 243.

Minor support for the stock lies in the zone of 233 to 235. Support for the stock lies in the zone of 220 to 222 where short term moving averages are lying. If the stock manages to close below these levels then the stock can drift to the levels of 208 to 210 where medium term moving averages are lying.

Resistance for the stock lies in the zone of 245 to 248 where 500 Daily SMA is lying. If the stock manages to close above these levels then the stock can move to the levels of 254 to 256.

Broad range for the stock in the coming week can be 230 to 232 on lower side to 250 to 252 on upper side.