EquityPandit’s Outlook for SBI for the week (February 08, 2016 – February 12, 2016):

STATE BANK OF INDIA:

State Bank Of India (NSE: SBIN) closed the week on negative note losing around 6.00%.

As we have mentioned last week that support for the stock lies in the zone of 175 where the trend-line joining lows of March – 2009 and February – 2014 is lying. If the stock closes below this levels then the stock can drift to the levels of 150 where monthly trend-line support for the stock is positioned. During the week the stock manages to hit a low of 160 and close the week around the levels of 169.

Support for the stock lies in the zone of 160 where the stock has formed a short term bottom. If the stock closes below this levels then the stock can drift to the levels of 150 where monthly trend-line support for the stock is positioned.

Resistance for the stock lies in the zone of 175 to 180 where trend-line joining lows of March – 2009 and February – 2014 is lying. If the stock manages to close above this levels then the stock can move to the levels of 190 from where the stock has sold off.

Broad range for the stock in the coming week can be 155 – 160 on lower side to 175 – 180 on upper side.