EquityPandit’s Outlook for SBI for the week  (July 03, 2017 – July 07, 2017) :

STATE BANK OF INDIA:

SBIN closed the week on negative note losing around 5.20%.

As we have mentioned last week that minor support for the stock lies in the zone of 285 to 287. Support for the stock lies in the zone of 278 to 280 from where the stock broke out of February-2017 highs. If the stock manages to close below these levels then the stock can drift to the levels of 270 to 272 where long term moving averages and break-out levels for the stock are lying. During the week the stock manages to hit a low of 270 and close the week around the levels of 274.

Support for the stock lies in the zone of 270 to 272 where long term moving averages and break-out levels for the stock are lying. If the stock manages to close below these levels then the stock can drift to the levels of 264 to 266 where lows for the month of March – 2017 is lying.

Resistance for the stock lies in the zone of 279 to 281 from where the stock broke down from the lows of April – 2017 and May – 2017. If the stock manages to close above these levels then the stock can move to the levels of 288 to 290 where Fibonacci level is lying.

Broad range for the stock in the coming week can be 265 to 267 on lower side & 284 to 286 on upper side.