EquityPandit’s Outlook for SBI for the week  (Apr 02, 2018 – Apr 06, 2018) : 

STATE BANK OF INDIA:

SBIN closed the week on positive note gaining around 6.40%.

As we have mentioned last week, that resistance for the stock lies in the zone of 240 to 250 from where the stock broke down from the double bottom pattern and long term Fibonacci levels are lying. If the stock manages to close above these levels then the stock can move to the levels of 265 to 270 where Fibonacci levels are lying. During the week the stock manages to hit a high of 256 and close the week around the levels of 250.

Minor support for the stock lies in the zone of 242 to 245. Support for the stock lies in the zone of 223 to 226 where long term Fibonacci levels are lying. If the stock manages to close below these levels then the stock can drift to the levels of 190 to 200 where the stock broke out on monthly charts and long term Fibonacci levels are lying.

Resistance for the stock lies in the zone of 255 to 260 from where the stock broke down from February-2018 lows. If the stock manages to close above these levels then the stock can move to the levels of 265 to 270 where Fibonacci levels and short term moving averages are lying.

Broad range for the stock in the coming week can be 220 to 225 on lower side & 250 to 255 on upper side.