EquityPandit’s Outlook for SBI for the week  (Aug 14, 2017 – Aug 18, 2017) :

STATE BANK OF INDIA:

SBIN closed the week on negative note losing around 8.20%.

As we have mentioned last week that minor support for the stock lies in the zone of 298 to 300. 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 277 and close the week around the levels of 280.

Support for the stock lies in the zone of 275 to 277 where 200 daily moving averages are lying. If the stock manages to close below these levels then the stock can drift to the levels of 268 to 270 where the stock has taken multiple support.

Minor resistance for the stock lies in the zone of 283 to 285. Resistance for the stock lies in the zone of 288 to 290 where Fibonacci levels and short & medium term moving averages are lying. If the stock manages to close above these levels then the stock can move to the levels of 297 to 299.

Broad range for the stock in the coming week can be 264 to 266 on lower side & 292 to 294 on upper side.