EquityPandit’s Outlook for SBI for the week  (Oct 22, 2018 – Oct 26, 2018) : 

STATE BANK OF INDIA:

SBIN closed the week on negative note losing around 1.00%.

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 broke down from August-2018 low and short term moving averages are lying. During the week the stock manages to hit a high of 275 and close the week around the levels of 261.

Support for the stock lies in the zone of 250 to 255 where low for the month of Sepetember-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.

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 broke down from August-2018 low and short term moving averages are lying.

Broad range for the stock in the coming week can be 240 to 245 on lower side & 280 to 285 on upper side.