EquityPandit’s Outlook for SBI for the week (January 16, 2017 – January 20, 2017) :

STATE BANK OF INDIA:

SBIN closed the week on positive note gaining around 2.00%.

As we have mentioned last week that minor resistance for the stock lies in the zone of 250 to 252. Resistance for the stock lies in the zone of 254 to 256 from where the stock has broken down on intraday basis. Resistance for the stock lies in the zone of 262 to 264 from where the stock has broken down on weekly basis. During the week the stock manages to hit a high of 254 and close the week around the levels of 251.

Minor support for the stock lies in the zone of 246 to 248. Support for the stock lies in the zone of 240 to 242 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 250 to 252. Resistance for the stock lies in the zone of 254 to 256 from where the stock has broken down on intraday basis. If the stock manages to close above these levels then the stock can move to the levels of 262 to 264 from where the stock has broken down on weekly basis.

Broad range for the stock in the coming week can be 242 to 244 on lower side to 258 to 260 on upper side.