EquityPandit’s Outlook for SBI for the week  (Aug 07, 2017 – Aug 11, 2017) :

STATE BANK OF INDIA:

SBIN closed the week on positive note gaining around 2.00%.

As we have mentioned last week that resistance for the stock lies in the zone of 300 to 302. If the stock manages to close above these levels then the stock can move to the levels of 310 to 315 where the stock has formed a top in the month of May-2017. During the week the stock manages to hit a high of 315 and close the week around the levels of 305.

Minor support for the stock lies in the zone of 298 to 300. Support for the stock lies in the zone of 288 to 290 where Fibonacci levels are lying. If the stock manages to close below these levels then the stock can drift to the levels of 279 to 281 from where the stock broke down from the lows of April – 2017 and May – 2017.

Resistance for the stock lies in the zone of 312 to 315 where the stock has formed a top in the month of May-2017. If the stock manages to close above these levels then the stock can move to the levels of 325 to 327 where long term trend-line resistance for the stock is lying.

Broad range for the stock in the coming week can be 292 to 295 on lower side & 315 to 318 on upper side.