EquityPandit’s Outlook for SBI for the week (January 18, 2016 – January 22, 2016):
STATE BANK OF INDIA:
State Bank Of India (NSE: SBIN) closed the week on negative note losing around 11.80%
As we have mentioned last week that support for the stock lies in the zone of 190 from where the stock has broken out in the month of April – 2014. During the week the stock manages to hit a low of 181 and close below the last support zone of 190.
The stock is in a freefall and the support zone are not holding. Weekly support for the stock lies in the zone of 175 where the trend-line joining lows of March – 2009 and February – 2014 is lying.
Resistance for the stock lies in the zone of 195 to 200 where 500 Daily SMA is lying. If the stock closes above this levels then the stock can move to the levels of 220 to 225 where 1000 Daily SMA and earlier lows of the stock is positioned.
Broad range for the stock in the coming week can be 170 – 175 on lower side to 195 – 200 on upper side.