EquityPandit’s Outlook for SBI for the week  (Feb 19, 2018 – Feb 23, 2018) : 

STATE BANK OF INDIA:

SBIN closed the week on negative note losing around 8.50%.

As we have mentioned last week, that support for the stock lies in the zone of 290 to 292 where Fibonacci levels and long term moving averages are lying. If the stock manages to close below these levels then the stock can drift to the levels of 280 to 285 where the stock has opened gap up. During the week the stock manages to hit a low of 270 and close the week around the levels of 272.

Minor support for the stock lies in the zone of 265 to 270. Support for the stock lies in the zone of 250 to 255 from where the stock has opened gap up and Fibonacci levels are lying. If the stock manages to close below these levels then the stock can drift to the levels of 240 to 245 where the stock has taken support in the month of October-2017.

Minor resistance for the stock lies in the zone of 280 to 285. Resistance for the stock lies in the zone of 290 to 295 where Fibonacci levels and long term moving averages are lying. If the stock manages to close above these levels then the stock can move to the levels of 300 to 305 from where the stock broke down after consolidation.

Broad range for the stock in the coming week can be 250 to 255 on lower side & 290 to 295 on upper side.