EquityPandit’s Outlook for SBI for the week  (Jan 28, 2019 – Feb 1, 2019) : 

STATE BANK OF INDIA:

SBIN closed the week on negative note losing around 3.30%.

As we have mentioned last week, that 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. During the week the stock manages to hit a low of 283 and close the week around the levels of 285.

Support for the stock lies in the zone of 275 to 280 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 265 to 270 where Fibonacci levels and low for the month of December-2018 are lying.

Resistance for the stock lies in the zone of 290 to 295 where Fibonacci levels are lying. If the stock manages to close above these levels then the stock can move to the levels of 305 to 310 where long term Fibonacci levels are lying.

Broad range for the stock in the coming week can be 270 to 275 on lower side & 300 to 305 on upper side.