EquityPandit’s Outlook for SBI for the week  (July 31, 2017 – Aug 04, 2017) :

STATE BANK OF INDIA:

SBIN closed the week on positive note gaining around 2.90%.

As we have mentioned last week that 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. During the week the stock manages to hit a high of 301 and close the week around the levels of 299.

Minor support for the stock lies in the zone of 295 to 296. 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 300 to 302. If the stock manages to close above these levels then the stock can move to the levels of 310 to 315 where the stock has formed a top in the month of May-2017.

Broad range for the stock in the coming week can be 290 to 292 on lower side & 312 to 315 on upper side.