EquityPandit’s Outlook for SBI for the week (November 15, 2016 – November 18, 2016) :

STATE BANK OF INDIA:

SBIN closed the week on positive note gaining around 12.35%.

As we have mentioned last week that 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. During the week the stock manages to hit a low of 235 and close the week around the levels of 273.

Support for the stock lies in the zone of 263 to 265 from where the stock has broken out of the double top pattern. If the stock manages to close below these levels then the stock can drift to the levels of 246 to 248 where medium term moving averages are lying.

Minor resistance for the stock lies in the zone of 277 to 280. Resistance for the stock lies in the zone of 290 to 292 from where the stock has sold off in the month of August-2015. If the stock manages to close above these levels then the stock can move to the levels of 300 to 305 from where the stock sold off in the month of May-2015.

Broad range for the stock in the coming week can be 250 to 255 on lower side to 290 to 292 on upper side.