EquityPandit’s Outlook for SBI for the week (November 01, 2016 – November 04, 2016) :

STATE BANK OF INDIA:

SBIN closed the week on negative note losing around 0.20%.

As we have mentioned last week that minor resistance for the stock lies in the zone of 258 to 260. Resistance for the stock lies in the zone of 263 to 265. If the stock manages to close above these levels then the stock can move to the levels of 272 where the stock has made a top in the month of September – 2016. During the week the stock manages to hit a high of 265 and close the week around the levels of 258.

Minor support for the stock lies in the zone of 253 to 255. Support for the stock lies in the zone of 248 to 250 where short term and 500 Daily SMA is lying. If the stock manages to close below these levels then the stock can drift to the levels of 234 to 236 from where the stock bas broken out of the top formed in the month of July – 2016 and medium term moving averages are lying.

Resistance for the stock lies in the zone of 263 to 265 where the stock has formed a double top pattern. If the stock manages to close above these levels then the stock can move to the levels of 272 where the stock has made a top in the month of September – 2016.

Broad range for the stock in the coming week can be 250 to 252 on lower side to 268 to 270 on upper side.