EquityPandit’s Outlook for SBI for the week (September 28, 2015 – October 02, 2015):
STATE BANK OF INDIA:
State Bank Of India (NSE: SBIN) closed the week on negative note losing around 1.2%.
As we have mentioned last week that resistance for the stock lies in the range of 245 to 250. If the stock manages to close above the levels of 250 the stock can move to the levels of 265 where 100 Daily SMA is positioned. During the week the stock manages to hit a high of 248 and retraced back to close the week around the levels of 239.
The stock has closed around the strong support zone of 235 to 240 where 500 Daily SMA and long term trend-line support for the stock are positioned. If the stock moves below this levels the stock can drift to the levels of 220 where 1000 Daily SMA and 200 Weekly SMA are positioned.
Resistance for the stock lies in the range of 245 to 250. If the stock manages to close above the levels of 250 the stock can move to the levels of 260 where 100 Daily SMA is positioned.
The stock has formed a Doji pattern on weekly charts in an uptrend indicating the indecision amongst the traders about the further direction of the stock.
Broad range for the stock in the coming week can be 220 – 225 on lower side to 255 – 260 on upper side.