EquityPandit’s Outlook for SBI for the week (October 05, 2015 – October 09, 2015):

STATE BANK OF INDIA:

State Bank Of India (NSE: SBIN) closed the week on negative note losing around 1.6%.

As we have mentioned last week that the stock has closed around the strong support zone of 235 to 240 where 500 Daily SMA and long term trend-line support for the stock are positioned. If the stock moves below this levels the stock can drift to the levels of 220 where 1000 Daily SMA and 200 Weekly SMA are positioned. During the week the stock manages to hit a low of 232 and bounce to close the week around the levels of 235.

The stock has been facing stiff resistance around the levels of 245 to 250 where 100 Weekly SMA is lying. If the stock manages to close above the levels of 250 the stock can move to the levels of 260 where 100 Daily SMA is positioned.

The stock has closed below the strong support zone of 240 where 500 Daily SMA is positioned. Strong support for the stock lies in the range of 220 to 225 where 1000 Daily SMA and 200 Weekly SMA are positioned.

Broad range for the stock in the coming week can be 220 – 225 on lower side to 255 – 260 on upper side.