EquityPandit’s Outlook for SBI for the week (February 06, 2017 – February 10, 2017) :

STATE BANK OF INDIA:

SBIN closed the week on positive note gaining around 4.20%.

As we have mentioned last week that resistance for the stock lies in the zone of 269 to 271 where the stock has formed a high in the month of December-2016. If the stock manages to close above these levels then the stock can move to the levels of 277 to 279 from where the stock sold off in the month of November-2016. During the week the stock manages to hit a high of 278.55 and close the week around the levels of 276.

Minor support for the stock lies in the zone of 274 to 275. Support for the stock lies in the zone of 269 to 271 from where the stock broke out of the inverse H & S pattern. If the stock manages to close below these levels then the stock can drift to the levels of 260 to 262.

Resistance for the stock lies in the zone of 277 to 279 from where the stock sold off in the month of November-2016. If the stock manages to close above these levels then the stock can move to the levels of 290 to 292 where the stock has formed a top in the month of November-2016.

Broad range for the stock in the coming week can be 268 to 270 on lower side to 290 to 292 on upper side.