EquityPandit’s Outlook for SBI for the week (January 30, 2017 – February 03, 2017) :

STATE BANK OF INDIA:

SBIN closed the week on positive note gaining around 6.10%.

As we have mentioned last week that 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. During the week the stock manages to hit a low of 250 and close the week around the levels of 266.

Minor support for the stock lies in the zone of 262 to 264. Support for the stock lies in the zone of 256 to 258 where the stock broke out on intraday basis. If the stock manages to close below these levels then the index can drift to the levels of 250 to 251 where Fibonacci level is lying.

Resistance for the stock lies in the zone of 269 to 271 where the stock has formed a high in the month of December-2016. If the stock manages to close above these levels then the stock can move to the levels of 277 to 279 from where the stock sold off in the month of November-2016.

Broad range for the stock in the coming week can be 256 to 258 on lower side to 278 to 280 on upper side.