EquityPandit’s Outlook for SBI for the week  (Oct 30, 2017 – Nov 03, 2017) :

STATE BANK OF INDIA:

SBIN closed the week on positive note gaining around 28.00%.

As we have mentioned last week, that support for the stock lies in the zone of 240 to 242. If the stock manages to close below these levels then the stock can drift to the levels of 230 to 235 from where the stock broke out of consolidation in the month of August-2016. During the week the stock manages to hit a low of 242 and close the week around the levels of 311.

Minor support for the stock lies in the zone of 305 to 308. Support for the stock lies in the zone of 288 to 292 where Fibonacci levels are lying. If the stock manages to close below these levels then the stock can drift to the levels of 275 to 280 short, medium and long term moving averages are lying.

Resistance for the stock lies in the zone of 320 to 325 where trend-line joining earlier high is lying. If the stock manages to close above these levels then the stock can move to the levels of 345 to 350 where life time high for the stock is lying.

Broad range for the stock in the coming week can be 280 to 285 on lower side & 335 to 340 on upper side.