EquityPandit’s Outlook for SBI for the week (May 02, 2016 – May 06, 2016):

STATE BANK OF INDIA:

SBIN closed the week on negative note losing around 5.60%.

As we have mentioned last week that resistance for the stock lies in the zone of 200 to 205 where 500 Weekly SMA is lying. If the stock manages to close above these 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 203 and close the week around the levels of 189.

Minor support for the stock lies in the zone of 190. Support for the stock lies in the zone of 173 to 180 where short term moving averages and gap created on 02-03-2016 are lying. If the stock manages to close below these levels then the stock can drift to the levels of 150 where monthly trend-line support for the stock is positioned.

Minor resistance for the stock lies in the zone of 195 where 100 Daily SMA is lying. Resistance for the stock lies in the zone of 200 to 205 where 500 Weekly SMA is lying. If the stock manages to close above these 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 175 to 180 on lower side to 200 to 205 on upper side.