EquityPandit’s Outlook for SBI for the week  (Oct 23, 2017 – Oct 27, 2017) :

STATE BANK OF INDIA:

SBIN closed the week on negative note losing around 3.70%.

As we have mentioned last week, that support for the stock lies in the zone of 250 to 252 where long term Fibonacci levels are lying. If the stock manages to close below these levels then the stock can drift to the levels of 240 to 242. During the week the stock manages to hit a low of 241 and close the week around the levels of 243.

Support for the stock lies in the zone of 240 to 242. If the stock manages to close below these levels then the stock can drift to the levels of 230 to 235 from where the stock broke out of consolidation in the month of August-2016.

Resistance for the stock lies in the zone of 249 to 251 from where the stock has broken down after consolidation. If the stock manages to close above these levels then the stock can move to the levels of 259 to 261.

Broad range for the stock in the coming week can be 230 to 232 on lower side & 255 to 257 on upper side.