EquityPandit’s Outlook for SBI for the week (March 06, 2017 – March 10, 2017) :

STATE BANK OF INDIA:

SBIN closed the week on negative note losing around 2.00%.

As we have mentioned last week that minor resistance for the stock lies in the zone of 273 to 275. Resistance for the stock lies in the zone of 277 to 279 from where the stock sold off in the month of November-2016. If the stock manages to close above these levels then the stock can move to the levels of 290 to 292 where the stock has formed a top in the month of November-2016. During the week the stock manages to hit a high of 275 and close the week around the levels of 265.

Support for the stock lies in the zone of 260 to 262 where short term and medium term moving averages are lying. If the stock manages to close below these levels then the stock can drift to the levels of 250 to 252 where Fibonacci levels are lying.

Resistance for the stock lies in the zone of 267 to 269 from where the stock broke down after consolidating for 2 weeks. Resistance for the stock lies in the zone of 275 to 277 where the stock is facing multiple resistance. If the stock manages to close above these levels then the stock can move to the levels of 290 to 292 where the stock has formed a top in the month of November-2016.

Broad range for the stock in the coming week can be 255 to 257 on lower side to 275 to 277 on upper side.