EquityPandit’s Outlook for SBI for the week (November 07, 2016 – November 11, 2016) :

STATE BANK OF INDIA:

SBIN closed the week on negative note losing around 5.70%.

As we have mentioned last week that 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. During the week the stock manages to hit a high of 261 and close the week around the levels of 243.

Minor support for the stock lies in the zone of 240 where medium term moving averages are lying. Support for the stock lies in the zone of 234 to 236 from where the stock bas broken out of the top formed in the month of July – 2016. If the stock manages to close below these levels then the stock can drift to the levels of 220 to 223 where it has bounced multiple times in the month of July – 2016 and August – 2016.

Minor resistance for the stock lies in the zone of 248 to 250. 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 233 to 235 on lower side to 255 to 258 on upper side.