EquityPandit’s Outlook for SBI for the week  (Dec 17, 2018 – Dec 21, 2018) : 

STATE BANK OF INDIA:

SBIN closed the week on positive note gaining around 5.10%.

As we have mentioned last week, that 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. During the week the stock manages to hit a low of 268 and close the week around the levels of 289.

Minor support for the stock lies in the zone of 280 to 283. 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.

Resistance for the stock lies in the zone of 295 to 300 where Fibonacci levels and high for the month of November-2018 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 270 to 275 on lower side & 302 to 310 on upper side.