EquityPandit’s Outlook for SBI for the week (October 03, 2016 – October 07, 2016) :

STATE BANK OF INDIA:

SBIN closed the week on negative note losing around 1.30%.

As we have mentioned last week that minor support for the stock lies in the zone of 250 to 252. Support for the stock lies in the zone of 245 to 247 where 500 Daily SMA is lying. If the stock manages to close below these levels then the stock can drift to the levels of 238 to 240 where short term moving averages are lying. During the week the stock manages to hit a low of 243 and close the week around the levels of 251.

Support for the stock lies in the zone of 245 to 247 where short term and 500 Daily SMA is lying. If the stock manages to close below these levels then the stock can drift to the levels of 232 to 235 from where the stock bas broken out of the top formed in the month of July – 2016.

Minor resistance for the stock lies in the zone of 256 to 258. Resistance for the stock lies in the zone of 258 to 260. If the stock manages to close above these levels then the stock can move to the levels of 272 where the stock has made a top in the month of September – 2016.

Broad range for the stock in the coming week can be 240 to 242 on lower side to 260 to 262 on upper side.