EquityPandit’s Outlook for SBI for the week (March 20, 2017 – March 24, 2017) :

STATE BANK OF INDIA:

SBIN closed the week on positive note gaining around 0.80%.

As we have mentioned last week that 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. During the week the stock manages to hit a high of 280 and close the week around the levels of 274.

Minor support for the stock lies in the zone of 270 to 272. Support for the stock lies in the zone of 264 to 266 where short term moving averages and break out levels are lying. If the stock manages to close below these levels then the stock can drift to the levels of 260 to 262 where medium term moving averages 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 264 to 266 on lower side to 280 to 282 on upper side.