EquityPandit’s Outlook for SBI for the week  (Feb 18, 2019 – Feb 22, 2019) : 

STATE BANK OF INDIA:

SBIN closed the week on negative note losing around 8.00%.

As we have mentioned last week, that support 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 below these levels then the stock can drift to the levels of 265 to 270 where Fibonacci levels and low for the month of December-2018 are lying. During the week the stock manages to hit a low of 261 and close the week around the levels of 263.

Support for the stock lies in the zone of 245 to 250 where low for the month of October-2018 and 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 low for the month of May-2018 is lying.

Resistance for the stock lies in the zone of 265 to 270 where Fibonacci levels and low for the month of December-2018 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.

Broad range for the stock in the coming week can be 240 to 245 on lower side & 280 to 285 on upper side.