EquityPandit’s Outlook for State Bank Of India for week (August 03, 2015 – August 07, 2015):
STATE BANK OF INDIA:
State Bank Of India (NSE: SBIN) closed the week on positive note gaining more than 2%.
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.
The stock has formed a Bullish Harami pattern on monthly charts in downtrend indicating the trend reversal.
If the stock manages to close above the levels of 275 to 280 the stock can move to the levels of 300. The stock can face resistance around the levels of 280 where 200 Daily SMA is lying.
Support for the stock lies in the range of 255 to 260 where short term moving averages and trend-line support are positioned.
Resistance for the stock lies in the range of 270 to 280 where long moving averages and trend-line resistance are lying.
Broad range for the stock in the coming week can be 255 – 260 on lower side to 280 – 285 on upper side.