EquityPandit’s Outlook for SBI for the week (September 07, 2015 – September 11, 2015):
STATE BANK OF INDIA:
State Bank Of India (NSE: SBIN) closed the week on negative note losing more than 9%.
As we have mentioned last week that 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 but the stock manages to hit a high of 251 during the week and sold off to the levels of 225.
The stock has broke the important support around the levels of 235 where trend-line support for the stock is positioned. 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 and the stock hit a low of 225 during the week.
Strong resistance for the stock lies in the range of 235 to 240 above which the stock can move to the levels of 255 from where the stock has broken down.
Broad range for the stock in the coming week can be 200 – 210 on lower side to 240 – 250 on upper side.