EquityPandit’s Outlook for State Bank Of India for week (July 27, 2015 – July 31, 2015):

STATE BANK OF INDIA:

State Bank Of India (NSE: SBIN) closed the week on negative note losing around 3%.

As we have been suggesting since last 2 weeks that the stock is facing stiff resistance around the levels of 275 and the stock is finding it difficult to go above the levels of 275. This week also the stock retraced back from the levels of 272 to end the week at 263 levels.

The stock has formed a Evening Star pattern on daily and weekly charts indicating the end of the uptrend in the stock.

The stock has to close above the levels of 275 to negate this pattern.

Support for the stock lies in the range of 255 where trend-line support are positioned.

Resistance for the stock lies in the range of 270 where short term moving averages and trend-line resistance are lying.

Broad range for the stock in the coming week can be 250 – 255 on lower side to 275 – 280 on upper side.