EquityPandit’s Outlook for SBI for the week  (Oct 01, 2018 – Oct 05, 2018) : 

STATE BANK OF INDIA:

SBIN closed the week on negative note losing around 1.90%.

As we have mentioned last week, that resistance for the stock lies in the zone of 275 to 280 where Fibonacci levels and 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 from where the stock has broken down from August-2018 lows. During the week the stock manages to hit a high of 274 and close the week around the levels of 265.

Support for the stock lies in the zone of 260 to 265 where Fibonacci levels are lying. If the stock manages to close below these levels then the stock can drift to the levels of 245 to 250 where long term Fibonacci levels are lying.

Resistance for the stock lies in the zone of 275 to 280 where Fibonacci levels and 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 from where the stock has broken down from August-2018 lows.

Broad range for the stock in the coming week can be 250 to 255 on lower side & 280 to 285 on upper side.