EquityPandit’s Outlook for SBI for the week  (May 08, 2017 – May 12, 2017) :

STATE BANK OF INDIA:

SBIN closed the week on positive note gaining around 2.20%.

As we have mentioned last week that minor support for the stock lies in the zone of 284 to 285. Support for the stock lies in the zone of 278 to 280 from where the stock broke out of February-2017 highs and short term moving averages are lying. If the stock manages to close below these levels then the stock can drift to the levels of 268 to 270 from where the stock broke out and medium term moving averages are lying. During the week the stock manages to hit a low of 286 and close the week around the levels of 296.

Support for the stock lies in the zone of 288 to 290 where Fibonacci level is lying. If the stock manages to close below these levels then the stock can drift to the levels of 278 to 280 from where the stock broke out of February-2017 highs and short term moving averages are lying.

Minor resistance for the stock lies in the 300 to 302. Resistance for the stock lies in the zone of 307 to 310 from where the stock has sold off in the month of March-2015 & May-2015. If the stock manages to close above these levels then the stock can move to the levels of 328 to 330 where trend-line joining earlier highs is lying.

Broad range for the stock in the coming week can be 285 to 287 on lower side & 308 to 310 on upper side.