EquityPandit’s Outlook for SBI for the week  (July 16, 2018 – July 20, 2018) : 

STATE BANK OF INDIA:

SBIN closed the week on absolutely flat note.

As we have mentioned last week, that minor resistance for the stock lies around 266 to 270. Resistance for the stock lies in the zone of 275 to 280 where long term moving averages are lying. If the stock manages to close above these levels then the stock can move to the levels of 285 to 290 where Fibonacci levels are lying. During the week the index manages to hit a high of 266 and close the week around the levels of 258.

Support for the stock lies in the zone of 255 to 258 where medium term moving averages are lying. If the stock manages to close below these levels then the stock can drift to the levels of 245 to 250 where Fibonacci levels are lying.

Minor resistance for the stock lies around 266 to 270. Resistance for the stock lies in the zone of 275 to 280 where long term moving averages are lying. If the stock manages to close above these levels then the stock can move to the levels of 285 to 290 where Fibonacci levels are lying.

Broad range for the stock in the coming week can be 245 to 250 on lower side & 270 to 275 on upper side.