EquityPandit’s Outlook for SBI for the week (July 18, 2016 – July 22, 2016):

STATE BANK OF INDIA:

SBIN closed the week on positive note gaining around 6.00%.

As we have mentioned last week that 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 234 and close the week around the levels of 231.

Minor support for the stock lies in the zone of 222 to 225. Support for the stock lies in the zone of 215 to 217 where the stock has formed a short term bottom. If the stock manages to close below these levels then the stock can drift to the levels of 208 to 210 where short 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 218 to 222 on lower side to 240 to 242 on upper side.