EquityPandit’s Outlook for SBI for the week (September 14, 2015 – September 18, 2015):

STATE BANK OF INDIA:

State Bank Of India (NSE: SBIN) closed the week on positive note gaining around 2%.

As we have mentioned last week that the stock has broken the important support around the levels of 235 where trend-line support for the stock is positioned. If the stock drifts below the levels of 235 the stock can move to the levels of 210 where 1000 Daily SMA for the stock is positioned and the stock hit a low of 220 during the week.

It was also written in last report that the strong resistance for the stock lies in the range of 235 to 240 above which the stock can move to the levels of 255 from where the stock has broken down and the stock hit a high of 234.5 during the week.

Strong support for the stock lies in the range of 210 to 220 where 1000 Daily SMA and 200 Weekly SMA are positioned, below which the stock can drift to sub 200 levels.

Strong resistance for the stock lies in the range of 235 to 240 above which the stock can move to the levels of 255 to 260.

Broad range for the stock in the coming week can be 210 – 220 on lower side to 240 – 250 on upper side.