EquityPandit’s Outlook for SBI for the week (February 22, 2016 – February 26, 2016):

STATE BANK OF INDIA:

SBIN closed the week on positive note gaining around 6.60%.

As we have mentioned last week that resistance for the stock lies in the zone of 160 to 165 from where the stock has broken down the short term bottom. If the stock manages to close above this levels then the stock can move to the levels of 175 to 180 where trend-line joining lows of March – 2009 and February – 2014 is lying. During the week the stock manages to hit a high of 171 and close the week around the levels of 165.

Support for the stock lies in the zone of 150 where monthly trend-line support for the stock is positioned. If the stock closes below this levels on weekly basis then the stock can witness the further freefall and next support for the stock lies in the zone of 130 where 200 Monthly SMA is lying.

Resistance for the stock lies in the zone of 175 to 180 where trend-line joining lows of March – 2009 and February – 2014 is lying. If the stock manages to close above this levels then the stock can move to the levels of 190 where short term moving averages is lying.

Broad range for the stock in the coming week can be 145 to150 on lower side to 175 to 180 on upper side.