EquityPandit’s Outlook for SBI for the week  (May 28, 2018 – June 01, 2018) : 

STATE BANK OF INDIA:

SBIN closed the week on positive note gaining around 11.70%.

As we have mentioned last week, that resistance for the stock lies in the zone of 250 to 255 where 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 and medium term moving averages are lying. During the week the stock manages to hit a high of 270 and close the week around the levels of 267.

Support for the stock lies in the zone of 250 to 255 where Fibonacci levels are lying. If the stock manages to close below these levels then the stock can drift to the levels of 235 to 240 where break out levels are lying.

Resistance for the stock lies in the zone of 265 to 270 where Fibonacci levels and medium term moving averages are lying. If the stock manages to close above these levels then the stock can move to the levels of 285 to 290 where long term moving averages and Fibonacci levels are lying.

Broad range for the stock in the coming week can be 250 to 255 on lower side & 280 to 285 on upper side.