EquityPandit’s Outlook for SBI for the week (August 01, 2016 – August 05, 2016):

STATE BANK OF INDIA:

SBIN closed the week on positive note gaining around 2.60%.

As we have mentioned last week that resistance for the stock lies in the zone of 230 to 235 from where the stock has sold off in the month of Dec – 2015. If the stock manages to close above these levels then the stock can move to the levels of 245 to 248 where 500 Daily SMA is lying. During the week the stock manages to hit a high of 235 and close the week around the levels of 229.

Minor support for the stock lies in the zone of 220 to 222. Support for the stock lies in the zone of 215 to 217 where the stock has formed a short term bottom and short term moving averages are lying. If the stock manages to close below these levels then the stock can drift to the levels of 208 to 210 where medium term moving averages are lying.

Resistance for the stock lies in the zone of 230 to 235 from where the stock has sold off in the month of Dec – 2015. If the stock manages to close above these levels then the stock can move to the levels of 245 to 248 where 500 Daily SMA is lying.

Broad range for the stock in the coming week can be 217 to 219 on lower side to 235 to 238 on upper side.