EquityPandit’s Outlook for SBI for the week (June 20, 2016 – June 24, 2016):

STATE BANK OF INDIA:

SBIN closed the week on positive note gaining around 3.60%.

As we have mentioned last week that 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. During the week the stock manages to hit a high of 218 and close the week around the levels of 213.

Support for the stock lies in the zone of 195 to 200 where short term moving averages are lying. If the stock manages to close below these levels then the stock can move to the levels of 180 from where 100 Daily SMA is 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 198 to 200 on lower side to 230 to 232 on upper side.