EquityPandit’s Outlook for SBI for the week (October 10, 2016 – October 14, 2016) :

STATE BANK OF INDIA:

SBIN closed the week on positive note gaining around 3.00%.

As we have mentioned last week that minor resistance for the stock lies in the zone of 256 to 258. Resistance for the stock lies in the zone of 258 to 260. 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 259.

Minor support for the stock lies in the zone of 252 to 254. Support for the stock lies in the zone of 245 to 247 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 232 to 235 from where the stock bas broken out of the top formed in the month of July – 2016.

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.

Broad range for the stock in the coming week can be 250 to 252 on lower side to 267 to 269 on upper side.