EquityPandit’s Outlook for SBI for the week  (June 12, 2017 – June 16, 2017) :

STATE BANK OF INDIA:

SBIN closed the week on positive note gaining around 0.50%.

As we have mentioned last week that minor resistance for the stock lies in the zone of 292 to 294. Resistance for the stock lies in the zone of 300 to 302 from where the stock broke down. If the stock manages to close above these levels then the stock can move to the levels of 307 to 310 from where the stock has sold off in the month of March-2015 & May-2015. During the week the stock manages to hit a high of 293 and close the week around the levels of 289.

Minor support for the stock lies in the zone of 283 to 285. 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.

Minor resistance for the stock lies in the zone of 292 to 294. Resistance for the stock lies in the zone of 300 to 302 from where the stock broke down. If the stock manages to close above these levels then the stock can move to the levels of 307 to 310 from where the stock has sold off in the month of March-2015 & May-2015.

Broad range for the stock in the coming week can be 277 to 279 on lower side & 300 to 302 on upper side.