EquityPandit’s Outlook for SBI for the week (June 13, 2016 – June 17, 2016):

STATE BANK OF INDIA:

SBIN closed the week on positive note gaining around 4.80%.

As we have mentioned last week that resistance for the stock lies in the zone of 205 to 215 where 500 Weekly SMA and 200 Daily SMA is lying. If the stock manages to close above these levels then the stock can move to the levels of 225 to 230 from where the stock has sold off in the month of Dec – 2015. During the week the stock manages to hit a high of 213 and close the week around the levels of 206.

Support for the stock lies in the zone of 188 to 191 where short term moving averages and 100 Daily SMA are lying. If the stock manages to close below these levels then the stock can move to the levels of 163 from where the stock has opened gap up on 02-03-2016.

Resistance for the stock lies in the zone of 210 to 215 where 500 Weekly SMA and 200 Daily SMA is lying. If the stock manages to close above these levels then the stock can move to the levels of 225 to 230 from where the stock has sold off in the month of Dec – 2015.

Broad range for the stock in the coming week can be 188 to 191 on lower side to 212 to 215 on upper side.