EquityPandit’s Outlook for SBI for the week  (June 18, 2018 – June 22, 2018) : 

STATE BANK OF INDIA:

SBIN closed the week on positive note gaining around 1.60%.

As we have mentioned last week, that resistance for the stock lies in the zone of 270 to 275 where Fibonacci levels are lying. If the stock manages to close above these levels then the stock can move to the levels of 285 to 290 where long term moving averages and Fibonacci levels are lying. During the week the stock manages to hit a high of 290 and close the week around the levels of 277.

Minor support for the stock lies around 267 to 270. Support for the stock lies in the zone of 260 to 263 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 250 to 255 where Fibonacci levels are lying.

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 260 to 265 on lower side & 285 to 290 on upper side.