EquityPandit’s Outlook for SBI for the week (March 21, 2016 – March 23, 2016):

STATE BANK OF INDIA:

SBIN closed the week on positive note gaining around 6.30%.

As we have mentioned last week that minor resistance for the stock lies in the range of 190. 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. During the week the stock manages to hit a high of 192 and close the week around the levels of 191.

Minor support for the stock lies in the zone of 180 to 185. 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 170 to 175 on lower side to 205 to 210 on upper side.