EquityPandit’s Outlook for SBI for the week (January 11, 2016 – January 15, 2016):

STATE BANK OF INDIA:

State Bank Of India (NSE: SBIN) closed the week on negative note losing around 8.30%

As we have mentioned last week that the stock has closed around the strong support zone of 225 where 1000 Daily SMA and 200 Weekly SMA are positioned. If the stock closes below this levels then the stock can drift to the levels of 210 to 213 where 100 Monthly SMA is positioned. During the week the stock manages to hit a low of around 209 and virtually close at the lowest levels.

Support for the stock lies in the zone of 190 from where the stock has broken out in the month of April – 2014.

Resistance for the stock lies in the zone of 220 to 225 where 1000 Daily SMA and earlier lows of the stock is positioned. If the stock manages to close above this levels then the stock can move to the levels of 235.

Broad range for the stock in the coming week can be 190 – 195 on lower side to 225 – 230 on upper side.