EquityPandit’s Outlook for SBI for the week (March 14, 2017 – March 17, 2017) :

STATE BANK OF INDIA:

SBIN closed the week on positive note gaining around 2.60%.

As we have mentioned last week that 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. During the week the stock manages to hit a high of 276 and close the week around the levels of 272.

Minor support for the stock lies in the zone of 266 to 268. 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 275 to 277 where the stock is facing multiple resistance. Resistance for the stock lies in the zone of 281 to 283 where highs for the month of February-2017 is lying. 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 260 to 262 on lower side to 280 to 282 on upper side.