EquityPandit’s Outlook for SBI for the week  (Dec 26, 2017 – Dec 29, 2017) :

STATE BANK OF INDIA:

SBIN closed the week on positive note gaining around 2.40%

As we have mentioned last week, that 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. During the week the stock manages to hit a high of 324 and close the week around the levels of 320.

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 from where the stock broke down after consolidation. 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 305 to 310 on lower side & 335 to 340 on upper side.