EquityPandit’s Outlook for SBI for the week (May 30, 2016 – June 03, 2016):

STATE BANK OF INDIA:

SBIN closed the week on positive note gaining around 14.30%.

As we have mentioned last week that 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. During the week the stock manages to hit a low of 166 and close the week around the levels of 196.

Support for the stock lies in the zone of 180 to 183 where short term moving averages and 100 Daily SMA are lying. If the stock manages to close below these levels then the stock can move to the levels of 163 from where the stock has opened gap up on 02-03-2016.

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 215 where 200 Daily SMA is lying.

Broad range for the stock in the coming week can be 180 to 183 on lower side to 208 to 212 on upper side.