EquityPandit’s Outlook for SBI for the week  (Jan 21, 2019 – Jan 25, 2019) : 

STATE BANK OF INDIA:

SBIN closed the week on negative note losing around 2.50%.

As we have mentioned last week, that 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. During the week the index manages to hit a high of 307 and close the week around the levels of 295.

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 & medium 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 275 to 280 on lower side & 310 to 315 on upper side.