EquityPandit’s Outlook for SBI for the week (December 14, 2015 – December 18, 2015):
STATE BANK OF INDIA:
State Bank Of India (NSE: SBIN) closed the week on negative note losing around 5.70%.
As we have mentioned last week that the 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. During the week the stock manages to hit a low of 225 and close around the levels of 227.
The stock has closed around the strong support zone of 225 where 1000 Daily SMA and 200 Weekly SMA are positioned. If the stock closes below this levels then the stock can drift to the levels of 210 to 213 where 100 Monthly SMA is positioned.
Resistance for the stock lies in the zone of 235 from where the stock has broken the long term support. If the stock manages to close above this levels then the stock can move to the levels of 245 to 250 where 100 Daily SMA, 500 Daily SMA and 100 Weekly SMA are lying.
Broad range for the stock in the coming week can be 210 – 215 on lower side to 235 – 240 on upper side.