EquityPandit’s Outlook for State Bank Of India for week (July 06, 2015 – July 10, 2015):
STATE BANK OF INDIA
State Bank Of India closed the week on positive note gaining around 4%.
As we have suggested last week that the stock can face stiff resistance in the range of 270 to 280 where medium term moving averages and trend-line are positioned and the stock hit the high of 271 on 23/06/2015 and retraced to the levels of 260. This week also the stock has hit the high of 271 on 02/07/2015 and retraced back.
On daily basis the stock has formed a double top formation pattern around the resistance zone of 270 levels.
If the stock manages to cross above the levels of 271 on closing basis we may see stock moving towards the levels of 280 where 100 and 200 Daily SMA are positioned.
Support for the stock lies in the range of 260 where short term moving averages are positioned.
Broad range for the stock in the coming week can be 255 – 260 on lower side to 280 – 290 on upper side.