EquityPandit’s Outlook for SBI for the week (October 19, 2015 – October 23, 2015):
STATE BANK OF INDIA:
State Bank Of India (NSE: SBIN) closed the week on positive note gaining around 4.6%.
As we have mentioned last week that resistance for the stock lies in the zone of 245 to 250 where 100 Weekly SMA is lying. 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. During the week the stock manages to hit a high of 257 and close the week around the levels of 255.
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.
Resistance for the stock lies in the zone of 260 where 100 Daily SMA is lying. If the stock manages to close above this levels then the stock can move to the levels of 270 to 275 where trend-line resistance and 200 Daily SMA are positioned.
Broad range for the stock in the coming week can be 240 – 245 on lower side to 265 – 270 on upper side.