EquityPandit’s Outlook for SBI for the week (May 16, 2016 – May 20, 2016):

STATE BANK OF INDIA:

SBIN closed the week on positive note gaining around 0.30%.

As we have mentioned last week that resistance for the stock lies in the zone of 185 to 190 where short term moving averages and 100 Daily SMA is lying. If the stock manages to close above these levels then the stock can move to the levels of 200 to 205 where 500 Weekly SMA is lying. During the week the stock manages to hit a high of 190 and close the week around the levels of 185.

Support for the stock lies in the zone of 173 to 180 where gap created on 02-03-2016 are lying. If the stock manages to close below these levels then the stock can drift to the levels of 150 where monthly trend-line support for the stock is positioned.

Resistance for the stock lies in the zone of 185 to 190 where short term moving averages and 100 Daily SMA is lying. If the stock manages to close above these levels then the stock can move to the levels of 200 to 205 where 500 Weekly SMA is lying.

Broad range for the stock in the coming week can be 170 to 172 on lower side to 195 to 200 on upper side.