EquityPandit’s Outlook for SBI for the week  (Mar 05, 2019 – Mar 08, 2019) : 

STATE BANK OF INDIA:

SBIN closed the week on positive note gaining around 0.70%.

As we have mentioned last week, that minor support for the stock lies around 260 to 265. Support for the stock lies in the zone of 245 to 250 where low for the month of October-2018 and Fibonacci levels are lying. If the stock manages to close below these levels then the stock can drift to the levels of 235 to 240 where low for the month of May-2018 is lying. During the week the stock manages to hit a low of 263 and close the week around the levels of 273.

Minor support for the stock lies around 265 to 268. Support for the stock lies in the zone of 255 to 260 where low for the month of February-2019 is lying. If the stock manages to close below these levels then the stock can drift to the levels of 245 to 250 where low for the month of October-2018 and Fibonacci levels are lying.

Resistance for the stock lies in the zone of 275 to 278 where Fibonacci levels and short term moving averages are lying. If the stock manages to close above these levels then the stock can move to the levels of 283 to 287 where Fibonacci levels are lying.

Broad range for the stock in the coming week can be 255 to 260 on lower side & 280 to 285 on upper side.