EquityPandit’s Outlook for SBI for the week (July 04, 2016 – July 08, 2016):

STATE BANK OF INDIA:

SBIN closed the week on positive note gaining around 4.00%.

As we have mentioned last week that minor resistance for the stock lies in the zone of 218. Resistance for the stock lies in the zone of 225 to 230 from where the stock has sold off in the month of Dec – 2015 and 200 Weekly SMA is lying. If the stock manages to close above these levels then the stock can move to the levels of 245 to 248 where 500 Daily SMA is lying. During the week the stock manages to hit a high of 222 and close the week around the levels of 219.

Support for the stock lies in the zone of 208 to 212 where 200 Daily SMA is lying. If the stock manages to close below these levels then the stock can drift to the levels of 195 to 198 where medium term moving averages are lying.

Resistance for the stock lies in the zone of 225 to 230 from where the stock has sold off in the month of Dec – 2015 and 200 Weekly SMA is lying. If the stock manages to close above these levels then the stock can move to the levels of 245 to 248 where 500 Daily SMA is lying.

Broad range for the stock in the coming week can be 205 to 208 on lower side to 225 to 227 on upper side.