EquityPandit’s Outlook for SBI for the week  (Oct 16, 2017 – Oct 19, 2017) :

STATE BANK OF INDIA:

SBIN closed the week on negative note losing around 1.80%.

As we have mentioned last week, that minor resistance for the stock lies in the zone of 258 to 260. Resistance for the stock lies in the zone of 269 to 271 from where the stock has broken down from multiple support zone. If the stock manages to close above these levels then the stock can move to the levels of 276 to 278 where 200 daily moving averages are lying. During the week the stock manages to hit a high of 258 and close the week around the levels of 252.

Support for the stock lies in the zone of 250 to 252 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 240 to 242.

Minor resistance for the stock lies in the zone of 258 to 260. Resistance for the stock lies in the zone of 269 to 271 from where the stock has broken down from multiple support zone. If the stock manages to close above these levels then the stock can move to the levels of 276 to 278 where 200 daily moving averages are lying.

Broad range for the stock in the coming week can be 246 to 248 on lower side & 264 to 266 on upper side.