EquityPandit’s Outlook for SBI for the week  ( Jan 01, 2018 – Jan 05, 2018) : 

STATE BANK OF INDIA:

SBIN closed the week on negative note losing around 3.10%.

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 medium and long term moving averages are lying. During the week the stock manages to hit a low of 308 and close the week around the levels of 310.

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 322 to 325 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 290 to 295 on lower side & 325 to 330 on upper side.