EquityPandit’s Outlook for SBI for the week (December 19, 2016 – December 23, 2016) :

STATE BANK OF INDIA:

SBIN closed the week on negative note losing around 0.50%.

As we have mentioned last week that minor support for the stock lies in the zone of 260 to 262 on intraday basis. Support for the stock lies in the zone of 250 to 252 from where the stock has bounced 3 times in last 15 days. 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. During the week the stock manages to hit a low of 259 and close the week around the levels of 265.

Minor support for the stock lies in the zone of 260 to 262 on intraday basis. Support for the stock lies in the zone of 250 to 252 from where the stock has bounced 3 times in last 15 days. 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.

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 250 to 252 on lower side to 275 to 278 on upper side.