EquityPandit’s Outlook for SBI for the week (February 29, 2016 – March 04, 2016):

STATE BANK OF INDIA:

SBIN closed the week on negative note losing around 4.70%.

As we have mentioned last week that support for the stock lies in the zone of 150 where monthly trend-line support for the stock is positioned. If the stock closes below this levels on weekly basis then the stock can witness the further freefall and next support for the stock lies in the zone of 130 where 200 Monthly SMA is lying. During the week the stock manages to hit a low of 151 and bounce to close the week around the levels of 157.

Support for the stock lies in the zone of 150 where monthly trend-line support for the stock is positioned. If the stock closes below this levels on weekly basis then the stock can witness the further freefall and next support for the stock lies in the zone of 130 where 200 Monthly SMA is lying.

Resistance for the stock lies in the zone of 165 to 170 where the stock has made a short term top. If the stock manages to close above this levels then the stock can move to the levels of 175 to 180 where trend-line joining lows of March – 2009 and February – 2014 is lying.

Broad range for the stock in the coming week can be 145 to 150 on lower side to 175 to 180 on upper side.