EquityPandit’s Outlook for SBI for the week  (Sep 10, 2018 – Sep 14, 2018) : 

STATE BANK OF INDIA:

SBIN closed the week on negative note losing around 5.80%.

As we have mentioned last week, that support for the stock lies in the zone of 300 to 305 where Fibonacci levels are lying. If the stock manages to close below these levels then the stock can drift to the levels of 285 to 290 from where the stock broke out of June-2018 high and Fibonacci levels are lying. During the week the stock manages to hit a low of 289 and close the week around the levels of 292.

Support for the stock lies in the zone of 285 to 290 from where the stock broke out of June-2018 high and Fibonacci levels are lying. If the stock manages to close below these levels then the stock can drift to the levels of 270 to 275 where Fibonacci levels and medium & long term moving averages are lying.

Resistance for the stock lies in the zone of 300 to 305 where Fibonacci levels are lying. If the stock manages to close above these levels then the stock can move to the levels of 320 to 325 where high for the month of August-2018 is lying.

Broad range for the stock in the coming week can be 275 to 280 on lower side & 310 to 315 on upper side.