EquityPandit’s Outlook for SBI for the week  (Apr 23, 2018 – Apr 27, 2018) : 

STATE BANK OF INDIA:

SBIN closed the week on negative note losing around 3.90%.

As we have mentioned last week, that 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. During the week the stock manages to hit a high of 252 and close the week around the levels of 241.

Support for the stock lies in the zone of 235 to 240 where break out levels are lying. If the stock manages to close below these levels then the stock can drift to the levels of 225 to 230 where long term Fibonacci levels and lows for the month of March-2018 are lying.

Resistance for the stock lies in the zone of 250 to 255 where Fibonacci levels and short term moving averages 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 and medium term moving averages are lying.

Broad range for the stock in the coming week can be 220 to 225 on lower side & 255 to 260 on upper side.