EquityPandit’s Outlook for SBI for the week  (Dec 18, 2017 – Dec 22, 2017) :

STATE BANK OF INDIA:

SBIN closed the week on absolutely flat note.

As we have mentioned last week, that support for the stock lies in the zone of 308 to 312 from where the stock broke out of May-2017 and July-2017 highs. If the stock manages to close below these levels then the stock can drift to the levels of 285 to 290 where Fibonacci levels and short, medium and long term moving averages are lying. During the week the stock manages to hit a low of 309 and close the week around the levels of 312.

Support for the stock lies in the zone of 308 to 312 from where the stock broke out of May-2017 and July-2017 highs. If the stock manages to close below these levels then the stock can drift to the levels of 285 to 290 where Fibonacci levels and medium and long term moving averages are lying.

Resistance for the stock lies in the zone of 325 to 327 where trend-line joining earlier high is lying. If the stock manages to close above these levels then the stock can move to the levels of 345 to 350 where life time high for the stock is lying.

Broad range for the stock in the coming week can be 295 to 300 on lower side & 330 to 335 on upper side.