EquityPandit’s Outlook for SBI for the week (July 25, 2016 – July 29, 2016):

STATE BANK OF INDIA:

SBIN closed the week on negative note losing around 3.50%.

As we have mentioned last week that 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. During the week the stock manages to hit a low of 222 and close the week around the levels of 224.

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 230 to 235 from where the stock has sold off in the month of Dec – 2015. 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 215 to 217 on lower side to 232 to 235 on upper side.