EquityPandit’s Outlook for SBI for the week  (Oct 15, 2018 – Oct 19, 2018) : 

STATE BANK OF INDIA:

SBIN closed the week on positive note gaining around 2.10%.

As we have mentioned last week, that resistance for the stock lies in the zone of 260 to 265 where Fibonacci levels are lying. If the stock manages to close above these levels then the stock can move to the levels of 275 to 280 where Fibonacci levels and long term moving averages are lying. During the week the stock manages to hit a high of 280 and close the week around the levels of 264.

Support for the stock lies in the zone of 245 to 250 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 225 to 230 where low for the month of March-2018 and April-2018 is 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 broke down from August-2018 low and short term moving averages are lying.

Broad range for the stock in the coming week can be 245 to 250 on lower side & 285 to 290 on upper side.