EquityPandit’s Outlook for SBI for the week (August 29, 2016 – September 02, 2016) :

STATE BANK OF INDIA:

SBIN closed the week on negative note losing around 4.60%.

As we have mentioned last week that minor support for the stock lies in the zone of 253. Support for the stock lies in the zone of 248 to 250 where 500 Daily SMA is lying. If the stock manages to close below these levels then the stock can drift to the levels of 233 to 235. During the week the stock manages to hit a low of 246 and close the week around the levels of 247.

Support for the stock lies in the zone of 245 to 247 where 500 Daily SMA is lying. If the stock manages to close below these levels then the stock can drift to the levels of 233 to 235.

Minor resistance for the stock lies in the zone of 250 to 251. Resistance for the stock lies in the zone of 256 to 258 where the stock has formed a short term top. If the stock manages to close above these levels then the stock can move to the levels of 275 to 280.

Broad range for the stock in the coming week can be 238 to 240 on lower side to 255 to 257 on upper side.