EquityPandit’s Outlook for SBI for the week  (Sep 24, 2018 – Sep 28, 2018) : 

STATE BANK OF INDIA:

SBIN closed the week on negative note losing around 6.70%.

As we have mentioned last week, that 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. During the week the stock manages to hit a low of 253 and close the week around the levels of 271.

Support for the stock lies in the zone of 265 to 270 from where the stock broke out of June-2018 high. If the stock manages to close below these levels then the stock can drift to the levels of 245 to 250 where long term Fibonacci levels are lying.

Resistance for the stock lies in the zone of 275 to 280 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 285 to 290 from where the stock has broken down from August-2018 lows.

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