EquityPandit’s Outlook for SBI for the week  (Oct 29, 2018 – Nov 02, 2018) : 

STATE BANK OF INDIA:

SBIN closed the week on negative note losing around 5.00%.

As we have mentioned last week, that support for the stock lies in the zone of 250 to 255 where low for the month of September-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 247 and close the week around the levels of 248.

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.

Minor resistance for the stock lies around 260 to 265. 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.

Broad range for the stock in the coming week can be 230 to 235 on lower side & 270 to 275 on upper side.