EquityPandit’s Outlook for SBI for the week  (Oct 08, 2018 – Oct 12, 2018) : 

STATE BANK OF INDIA:

SBIN closed the week on negative note losing around 2.60%.

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 279 and close the week around the levels of 258.

Support for the stock lies in the zone of 245 to 250 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 225 to 230 where low for the month of March-2018 and April-2018 is lying.

Resistance for the stock lies in the zone of 260 to 265 where Fibonacci levels are lying. If the stock manages to close above these levels then the stock can move to the levels of 275 to 280 where Fibonacci levels and long term moving averages are lying.

Broad range for the stock in the coming week can be 230 to 235 on lower side & 275 to 280 on upper side.