EquityPandit’s Outlook for SBI for the week (March 08, 2016 – March 11, 2016):

STATE BANK OF INDIA:

SBIN closed the week on positive note gaining around 21.30%.

As we have mentioned last week that support for the stock lies in the zone of 150 where monthly trend-line support for the stock is positioned. If the stock closes below this levels on weekly basis then the stock can witness the further freefall and next support for the stock lies in the zone of 130 where 200 Monthly SMA is lying. During the week the stock manages to hit a low of 153 and bounce to close the week around the levels of 189.

Support for the stock lies in the zone of 165 to 170 where the stock has a gap up opening on 02-03-2016. If the stock manages to close below this levels then the stock can drift to the levels of 150 where monthly trend-line support for the stock is positioned.

Resistance for the stock lies in the zone of 205 to 210 where 100 Daily SMA and 500 Weekly SMA is lying. If the stock manages to close above this levels then the stock can move to the levels of 225 where 1000 Daily SMA and 200 Weekly SMA is lying.

Broad range for the stock in the coming week can be 165 to 170 on lower side to 205 to 210 on upper side.