EquityPandit’s Outlook for SBI for the week  (Mar 26, 2018 – Mar 28, 2018) : 

STATE BANK OF INDIA:

SBIN closed the week on negative note losing around 6.70%.

As we have mentioned last week, that support for the stock lies in the zone of 250 to 255 from where the stock has opened gap up and Fibonacci levels are lying. If the stock manages to close below these levels then the stock can drift to the levels of 240 to 245 where the stock has taken support in the month of October-2017. During the week the stock manages to hit a low of 232 and close the week around the levels of 235.

Support for the stock lies in the zone of 220 to 225 where long term Fibonacci levels are lying. If the stock manages to close below these levels then the stock can drift to the levels of 190 to 200 where the stock broke out on monthly charts and long term Fibonacci levels are lying.

Resistance for the stock lies in the zone of 240 to 250 from where the stock broke down from the double bottom pattern and long term Fibonacci levels are lying. If the stock manages to close above these levels then the stock can move to the levels of 265 to 270 where Fibonacci levels are lying.

Broad range for the stock in the coming week can be 220 to 225 on lower side & 250 to 255 on upper side.