EquityPandit’s Outlook for SBI for week (August 10, 2015 – August 14, 2015):
STATE BANK OF INDIA:
State Bank Of India (NSE: SBIN) closed the week on positive note gaining more than 4%.
As we have mentioned last week that the stock is consolidating in the range of 250 to 255 on lower end to 275 to 280 on upper end since last 1 month and if the stock manages to close above the levels of 275 to 280 the stock can move to the levels of 300 and the stock hit a high of 292 during the week and retraced back to the levels of 280.
The stock has formed a Bullish Harami pattern on monthly charts in downtrend indicating the trend reversal.
Support for the stock lies in the range of 260 to 270 where short term moving averages are positioned.
The stock has closed below the 200 Daily SMA which is lying around the levels of 285. Resistance for the stock lies in the range of 280 to 290 where long moving averages and trend-line resistance are lying.
Broad range for the stock in the coming week can be 260 – 265 on lower side to 290 – 295 on upper side.