EquityPandit’s Outlook for SBI for the week  (Aug 20, 2018 – Aug 24, 2018) : 

STATE BANK OF INDIA:

SBIN closed the week on positive note gaining around 0.80%.

As we have mentioned last week, that minor support for the stock lies around 285 to 290. Support for the stock lies in the zone of 275 to 280 where long term moving averages and Fibonacci levels are lying. If the stock manages to close below these levels then the stock can drift to the levels of 265 to 270 where medium term moving averages and Fibonacci levels are lying. During the week the stock manages to hit a low of 290 and close the week around the levels of 302.

Minor support for the stock lies around 285 to 290. Support for the stock lies in the zone of 275 to 280 where long term moving averages and Fibonacci levels are lying. If the stock manages to close below these levels then the stock can drift to the levels of 265 to 270 where medium term moving averages and Fibonacci levels are lying.

Resistance for the stock lies in the zone of 300 to 305 where Fibonacci levels are lying. If the stock manages to close above these levels then the stock can move to the levels of 320 to 325.

Broad range for the stock in the coming week can be 280 to 285 on lower side & 320 to 325 on upper side.