EquityPandit’s Outlook for SBI for the week (October 17, 2016 – October 21, 2016) :

STATE BANK OF INDIA:

SBIN closed the week on negative note losing around 2.60%.

As we have mentioned last week that minor support for the stock lies in the zone of 252 to 254. 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. During the week the stock manages to hit a low of 246 and close the week around the levels of 252.

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 and medium term moving averages are lying.

Minor resistance for the stock lies in the zone of 256 to 258. Resistance for the stock lies in the zone of 263 to 265. 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 258 to 260 on upper side.