EquityPandit’s Outlook for SBI for the week  (July 24, 2017 – July 28, 2017) :

STATE BANK OF INDIA:

SBIN closed the week on negative note losing around 0.30%.

As we have mentioned last week that support for the stock lies in the zone of 288 to 290 where Fibonacci levels are lying. If the stock manages to close below these levels then the stock can drift to the levels of 279 to 281 from where the stock broke down from the lows of April – 2017 and May – 2017. During the week the stock manages to hit a low of 288 and close the week around the levels of 291.

Support for the stock lies in the zone of 288 to 290 where Fibonacci levels are lying. If the stock manages to close below these levels then the stock can drift to the levels of 279 to 281 from where the stock broke down from the lows of April – 2017 and May – 2017.

Resistance for the stock lies in the zone of 295 to 297 where high for the month of June-2017 is lying. If the stock manages to close above these levels then the stock can move to the levels of 300 to 302.

Broad range for the stock in the coming week can be 280 to 282 on lower side & 300 to 302 on upper side.