EquityPandit’s Outlook for SBI for the week (May 23, 2016 – May 27, 2016):

STATE BANK OF INDIA:

SBIN closed the week on negative note losing around 7.30%

As we have mentioned last week that resistance for the stock lies in the zone of 185 to 190 where short term moving averages and 100 Daily SMA is lying. If the stock manages to close above these levels then the stock can move to the levels of 200 to 205 where 500 Weekly SMA is lying. During the week the stock manages to hit a high of 185 and close the week around the levels of 171.

Minor support for the stock lies in the zone of 163 from where the stock has opened gap up on 02-03-2016. 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 180 from where the stock has broken down from the double bottom pattern. If the stock manages to close above these levels then the stock can move to the levels of 185 to 190 where short term moving averages and 100 Daily SMA is lying.

Broad range for the stock in the coming week can be 158 to 162 on lower side to 185 to 190 on upper side.