EquityPandit’s Outlook for SBI for the week  ( Jan 29, 2018 – Feb 02, 2018) : 

STATE BANK OF INDIA:

SBIN closed the week on positive note gaining around 1.10%.

As we have mentioned last week, that resistance for the stock lies in the zone of 312 to 314 from where the stock has broken down on weekly charts. If the stock manages to close above these levels then the stock can move to the levels of 322 to 325 from where the stock broke down after consolidation. During the week the stock manages to hit a high of 333 and close the week around the levels of 314.

Minor support for the stock lies in the zone of 306 to 308. Support for the stock lies in the zone of 299 to 301 where the stock has taken support in the month of December-2017. If the stock manages to close below these levels then the stock can drift to the levels of 290 to 292 where Fibonacci levels and medium and long term moving averages are lying.

Resistance for the stock lies in the zone of 322 to 325 from where the stock broke down after consolidation. If the stock manages to close above these levels then the stock can move to the levels of 335 to 340.

Broad range for the stock in the coming week can be 295 to 300 on lower side & 330 to 335 on upper side.