EquityPandit’s Outlook for SBI for the week (September 12, 2016 – September 16, 2016) :

STATE BANK OF INDIA:

SBIN closed the week on positive note gaining around 3.70%.

As we have mentioned last week that resistance for the stock lies in the zone of 257 to 260 where the stock has formed a short term top. If the stock manages to close above these levels then the stock can move to the levels of 275 to 280. During the week the stock manages to hit a high of 272 and close the week around the levels of 264.

Minor support for the stock lies in the zone of 258 to 260. 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 235 to 238 where short term moving averages are lying.

Resistance for the stock lies in the zone of 275 to 280. If the stock manages to close above these levels then the stock can move to the levels of 288 to 290 from where the stock has sold off in the month of August – 2015.

Broad range for the stock in the coming week can be 252 to 255 on lower side to 275 to 280 on upper side.