EquityPandit’s Outlook for SBI for the week  (May 22, 2017 – May 26, 2017) :

STATE BANK OF INDIA:

SBIN closed the week on positive note gaining around 3.30%.

As we have mentioned last week that 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. During the week the stock manages to hit a high of 315 and close the week around the levels of 308.

Minor support for the stock lies in the zone of 300 to 302. 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.

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 295 to 298 on lower side & 318 to 320 on upper side.