EquityPandit’s Outlook for SBI for the week  ( Jan 15, 2018 – Jan 19, 2018) : 

STATE BANK OF INDIA:

SBIN closed the week on negative note losing around 1.30%.

As we have mentioned last week, that support for the stock lies in the zone of 299 to 301 where the stock has taken support in the month of December-2017. If the stock manages to close below these levels then the stock can drift to the levels of 289 to 292 where Fibonacci levels and medium and long term moving averages are lying. During the week the stock manages to hit a low of 300 and close the week around the levels of 302.

Support for the stock lies in the zone of 299 to 301 where the stock has taken support in the month of December-2017. If the stock manages to close below these levels then the stock can drift to the levels of 290 to 292 where Fibonacci levels and medium and long term moving averages are lying.

Minor resistance for the stock lies in the zone of 307 to 309. Resistance for the stock lies in the zone of 312 to 314 from where the stock has broken down on weekly charts. If the stock manages to close above these levels then the stock can move to the levels of 322 to 325 from where the stock broke down after consolidation.

Broad range for the stock in the coming week can be 290 to 295 on lower side & 315 to 320 on upper side.