EquityPandit’s Outlook for SBI for the week (November 02, 2015 – November 06, 2015):
STATE BANK OF INDIA:
State Bank Of India (NSE: SBIN) closed the week on negative note losing around 6.5%.
As we have mentioned last week that the stock has the strong support zone around the levels of 248 where 100 Weekly SMA is positioned. If the stock breaks below this levels then the stock can drift to the strong support zone of 235 to 240 where 500 Daily SMA is positioned. During the week the stock manages to hit a low of 235 and close the week at the lowest level.
Support for the stock lies in the zone of 235 where long term support for the stock is lying. If the stock manages to close below this levels then the stock can drift to the levels of 225 where 1000 Daily SMA and 200 Weekly SMA are positioned.
Resistance for the stock lies in the zone of 245 to 250 where 500 Daily SMA is lying. If the stock manages to close above this levels then the stock can move to the levels of 255 where trend-line and 100 Daily SMA are positioned.
Broad range for the stock in the coming week can be 225 – 230 on lower side to 250 – 255 on upper side.