EquityPandit’s Outlook for SBI for the week  (Jan 14, 2019 – Jan 18, 2019) : 

STATE BANK OF INDIA:

SBIN closed the week on positive note gaining around 1.70%.

As we have mentioned last week, that resistance for the stock lies in the zone of 300 to 305 where Fibonacci levels and high for the month of November-2018 and December-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. During the week the stock manages to hit a high of 308 and close the week around the levels of 303.

Minor support for the stock lies in the zone of 295 to 300. Support for the stock lies in the zone of 285 to 290 where Fibonacci levels and short term moving averages are lying. If the stock manages to close below these levels then the stock can drift to the levels of 275 to 280 where Fibonacci levels and long term moving averages are lying.

Resistance for the stock lies in the zone of 305 to 310 where long term 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 where high for the month of August-2018 is lying.

Broad range for the stock in the coming week can be 280 to 285 on lower side & 315 to 320 on upper side.