EquityPandit’s Outlook for SBI for the week  (Nov 05, 2018 – Nov 09, 2018) : 

STATE BANK OF INDIA:

SBIN closed the week on positive note gaining around 15.00%.

As we have mentioned last week, that support for the stock lies in the zone of 245 to 250 where low for the month of July-2018 is lying. If the stock manages to close below these levels then the stock can drift to the levels of 225 to 230 where low for the month of March-2018 and April-2018 is lying. During the week the stock manages to hit a low of 248 and close the week around the levels of 285.

Support for the stock lies in the zone of 275 to 280 from where the stock broke out of October-2018 high and Fibonacci levels are lying. If the stock manages to close below these levels then the stock can drift to the levels of 260 to 265 where long term moving averages and break out levels are lying.

Resistance for the stock lies in the zone of 295 to 300 where Fibonacci levels are lying. If the stock manages to close above these levels then the stock can move to the levels of 310 to 315 where high for the month of September-2018 is lying.

Broad range for the stock in the coming week can be 260 to 265 on lower side & 310 to 315 on upper side.