EquityPandit’s Outlook for SBI for the week (January 02, 2017 – January 06, 2017) :

STATE BANK OF INDIA:

SBIN closed the week on positive note gaining around 0.40%.

As we have mentioned last week that minor resistance for the stock lies in the zone of 253 to 255 from where the stock has broken down on intraday basis. Resistance for the stock lies in the zone of 258 to 260 where medium term moving averages are lying. If the stock manages to close above these levels then the stock can move to the levels of 267 to 270 levels. During the week the stock manages to hit a high of 252.50 and close the week around the levels of 250.

Support for the stock lies in the zone of 248 to 252 from where the stock has bounced many times in last 1 month. 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.

Minor resistance for the stock lies in the zone of 253 to 255 from where the stock has broken down on intraday basis. Resistance for the stock lies in the zone of 258 to 260 where medium term moving averages are lying. If the stock manages to close above these levels then the stock can move to the levels of 267 to 270 levels.

Broad range for the stock in the coming week can be 240 to 242 on lower side to 260 to 262 on upper side.