EquityPandit’s Outlook for SBI for the week (October 26, 2015 – October 30, 2015):

STATE BANK OF INDIA:

State Bank Of India (NSE: SBIN) closed the week on negative note losing around 0.6%.

As we have mentioned last week that resistance for the stock lies in the zone of 260 where 100 Daily SMA is lying. If the stock manages to close above this levels then the stock can move to the levels of 270 to 275 where trend-line resistance and 200 Daily SMA are positioned. During the week the stock manages to hit a high of 257 and close the week around the levels of 253.

The stock has the strong support zone around the levels of 248 where 100 Weekly SMA is positioned. If the stock breaks below this levels then the stock can drift to the strong support zone of 235 to 240 where 500 Daily SMA is positioned.

Resistance for the stock lies in the zone of 255 to 260 where 100 Daily SMA is lying. If the stock manages to close above this levels then the stock can move to the levels of 270 to 275 where trend-line resistance and 200 Daily SMA are positioned.

Broad range for the stock in the coming week can be 240 – 245 on lower side to 265 – 270 on upper side.