EquityPandit’s Outlook for SBI for the week (August 31, 2015 – September 04, 2015):
STATE BANK OF INDIA:
State Bank Of India (NSE: SBIN) closed the week on negative note losing around 7%.
The stock has taken support around the levels of 235 where trend-line support for the stock is positioned. The support zone of 230 to 235 is holding the stock in recent corrections.
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.
If the stock manages to move above the resistance zone of 255 to 260 the stock can move to the levels of 270 to 280 where 100 and 200 Daily SMA are positioned.
The stock was consolidating in the range of 250 to 255 on lower end to 275 to 280 on upper end since last 1 month. The stock has broken down from this consolidation range, so 250 to 255 will be strong resistance zone for the stock.
Broad range for the stock in the coming week can be 230 – 235 on lower side to 255 – 260 on upper side.