EquityPandit’s Outlook for SBI for the week  (May 29, 2017 – June 02, 2017) :

STATE BANK OF INDIA:

SBIN closed the week on negative note losing around 6.30%.

As we have mentioned last week that 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. During the week the stock manages to hit a low of 282 and close the week around the levels of 288.

Support for the stock lies in the zone of 278 to 280 from where the stock broke out of February-2017 highs. If the stock manages to close below these levels then the stock can drift to the levels of 277 to 279 where lows for the month of April-2017 and medium term moving averages are lying.

Minor resistance for the stock lies in the zone of 292 to 294. Resistance for the stock lies in the zone of 300 to 302 from where the stock broke down. If the stock manages to close above these levels then the stock can move to the levels of 307 to 310 from where the stock has sold off in the month of March-2015 & May-2015.

Broad range for the stock in the coming week can be 277 to 279 on lower side & 300 to 302 on upper side.