EquityPandit’s Outlook for SBI for the week (December 05, 2016 – December 09, 2016) :

STATE BANK OF INDIA:

SBIN closed the week on negative note losing around 2.60%.

As we have mentioned last week that support for the stock lies in the zone of 263 to 265 from where the stock has broken out of the double top pattern. If the stock manages to close below these levels then the stock can drift to the levels of 246 to 248 where medium term moving averages are lying. During the week the stock manages to hit a low of 248 and close the week around the levels of 254.

Support for the stock lies in the zone of 246 to 248 where medium term moving averages are lying. If the stock manages to close below these levels then the stock can drift to the levels of 235 to 238 from where the stock has bounced on 09/11/2016.

Minor resistance for the stock lies in the zone of 262 to 264 levels. Resistance for the stock lies in the zone of 269 to 271 levels from where the stock has broken down from the declining triangle pattern on intraday basis. If the stock manages to close above these levels then the stock can move to the levels of 278 to 280 from where the stock has broken down.

Broad range for the stock in the coming week can be 240 to 242 on lower side to 265 to 268 on upper side.