EquityPandit’s Outlook for SBI for the week (August 17, 2015 – August 21, 2015):
STATE BANK OF INDIA:
State Bank Of India (NSE: SBIN) closed the week on negative note losing around 5%.
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 290 during the week and retraced back to the levels of 255.
The stock has formed a Bullish Harami pattern on monthly charts in downtrend indicating the trend reversal.
The stock has formed a Morning star pattern on daily chart. If the stock manages to close above the levels of 270, where 100 Daily SMA is lying, the stock can move to the levels of 285.
Support for the stock lies in the range of 250 to 255 where trend-line are positioned.
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 250 – 255 on lower side to 285 – 290 on upper side.