EquityPandit’s Outlook for SBI for the week  (Dec 10, 2018 – Dec 14, 2018) : 

STATE BANK OF INDIA:

SBIN closed the week on negative note losing around 3.50%.

As we have mentioned last week, that support for the stock lies in the zone of 275 to 280 from where the stock broke out of October-2018 high 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 long term moving averages and Fibonacci levels are lying. During the week the stock manages to hit a low of 272 and close the week around the levels of 275.

Support for the stock lies in the zone of 270 to 275 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 260 to 265 where Fibonacci levels are lying.

Minor resistance for the stock lies in the zone of 280 to 283. Resistance for the stock lies in the zone of 295 to 300 where Fibonacci levels are lying. If the stock manages to close above these levels then the stock can move to the levels of 310 to 315 where high for the month of September-2018 is lying.

Broad range for the stock in the coming week can be 260 to 265 on lower side & 285 to 290 on upper side.