EquityPandit’s Outlook for State Bank Of India for week (July 13, 2015 – July 17, 2015):
STATE BANK OF INDIA:
State Bank Of India (NSE: SBIN) closed the week on absolutely flat note.
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 274.65 on 07/07/2015 and retraced to the levels of 265.
The stock has formed a Hammer pattern on 10/07/2015 on daily charts indicating the trend reversal in downtrend.
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.