EquityPandit’s Outlook for SBI for the week (October 12, 2015 – October 16, 2015):

STATE BANK OF INDIA:

State Bank Of India (NSE: SBIN) closed the week on positive note gaining around 3.5%.

As we have mentioned last week that 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. During the week the stock manages to hit a high of 247.8 and close the week around the levels of 243.45.

The stock has the strong support zone around the levels of 240 where 500 Daily SMA is positioned. If the stock breaks below this levels then the stock can drift to the strong support zone of 220 to 225 where 1000 Daily SMA and 200 Weekly SMA are positioned.

Resistance for the stock lies in the zone 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.

Broad range for the stock in the coming week can be 225 – 230 on lower side to 255 – 260 on upper side.