EquityPandit’s Outlook for SBI for the week (February 20, 2017 – February 24, 2017) :

STATE BANK OF INDIA:

SBIN closed the week on negative note losing around 2.50%.

As we have mentioned last week that 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. During the week the stock manages to hit a high of 278 and close the week around the levels of 269.

Support for the stock lies in the zone of 269 to 271 from where the stock broke out. If the stock manages to close below these levels then the stock can drift to the levels of 260 to 262 where short term and medium term moving averages are lying.

Minor resistance for the stock lies in the zone of 273 to 275. 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 260 to 262 on lower side to 280 to 282 on upper side.