EquityPandit’s Outlook for SBI for the week  (April 03, 2017 – April 07, 2017) :

STATE BANK OF INDIA:

SBIN closed the week on positive note gaining around 6.10%.

As we have mentioned last week that resistance for the stock lies in the zone of 275 to 277 where the stock is facing multiple resistance. Resistance for the stock lies in the zone of 281 to 283 where highs for the month of February-2017 is lying. If the stock manages to close above these levels then the stock can move to the levels of 290 to 292 where the stock has formed a top in the month of November-2016. During the week the stock manages to hit a high of 295 and close the week around the levels of 293.

Minor support for the stock lies in the zone of 289 to 291. Support for the stock lies in the zone of 283 to 285 from where the stock broke out of February-2017 highs. If the stock manages to close below these levels then the stock can drift to the levels of 279 to 280.

Resistance for the stock lies in the zone of 300 to 305 from where the stock sold off in the month of May-2015. If the stock manages to close above these levels then the stock can move to the levels of around 325 to 330 where trend-line joining highs of 352 and 336 is lying.

Broad range for the stock in the coming week can be 283 to 285 on lower side to 303 to 305 on upper side.