EquityPandit’s Outlook for SBI for the week (May 4, 2020 – May 8, 2020):

STATE BANK OF INDIA:

SBIN has not participated in the buying rally in the month of April 2020, After the Sell off in the Month of March 2020 and YESBANK acquisition, no major fund house or smart money flow has been seen in the counter. And this indicates the strength of the counter is very weak. We may see crack down in SBIN once it breaks the levels of 177 on the lower side. 177 is the crucial Monthly chart support for the counter.

As Bank nifty is expected to head towards lower levels in the Next week trading also we have seen that PSU BANKING stock as the most beaten down stocks, So Stay away from SBIN for any buying, Once Closes below 177 will provide a good short selling opportunity.