Signals, Powered By EquityPandit
SBIN Weekly Outlook and Analysis:
For the Week: (Sept 07,2020 – Sept 11,2020)
BSE: 500112| NSE: SBIN| ISIN: INE062A01020| SECTOR: BANKS
State Bank Of India Share Price : 206.60 (NSE)
SBI closed the Weekly on negative note losing 8.11%
Weekly High: 231.55
Weekly Low: 205.90
Weekly Range: 25.65 points
Weekly Support & Resistance For SBIN:
| RESISTANCE 2 | 240 |
| RESISTANCE 1 | 223 |
| SUPPORT 1 | 197 |
| SUPPORT 2 | 188 |
Technically on the daily charts EquityPandit’s Analyst see: Minor support on the downside lies at 197 levels, Minor resistance on the upside is capped around 223 levels.
If stock breaches minor support on the downside and closes below it we may see fresh break down and stock can drag towards Major Support on lower side @ 188 and If stock breaches minor resistance on the upside and closes above it we may see fresh breakout and stock can head towards Major Resistances Level @ 240
Stock is trading below 200 days exponential moving average, suggests long term trend is bearish. EquityPandit’s Predicts Range for the Weekly as 240 on upside and 188 on downside.
On the daily chart we can see that , Stock bounce off from 2.618% of Fibonacci retracement level. Stock can take support from 100 EMA and around 204-203 levels. Only Move below this support will drag price more towards down.
