Signals, Powered By EquityPandit
SBIN Weekly Outlook and Analysis:
For the Week: Sept 28,2020 – Oct 01,2020)
BSE: 500112| NSE: SBIN| ISIN: INE062A01020| SECTOR: BANKS
State Bank Of India Share Price : 182.20 (NSE)
SBI closed the Weekly on negative note losing 5.40%
Weekly High: 193.50
Weekly Low: 175.50
Weekly Range: 18.00 points
Weekly Support & Resistance For SBIN:
| RESISTANCE 2 | 202 |
| RESISTANCE 1 | 192 |
| SUPPORT 1 | 173 |
| SUPPORT 2 | 164 |
Technically on the daily charts EquityPandit’s Analyst see: Minor support on the downside lies at 173 levels, Minor resistance on the upside is capped around 192 levels.
If stock breaches minor support on the downside and closes below it we may see fresh break down and stock can drag towards Major Support on lower side @ 164 and If stock breaches minor resistance on the upside and closes above it we may see fresh breakout and stock can head towards Major Resistances Level @ 202
Stock is trading below 200 days exponential moving average, suggests long term trend is bearish. EquityPandit’s Predicts Range for the Weekly as 202 on upside and 164 on downside.
On the daily chart we can see that , SBI share price is moving in breakdown zone of Head & Shoulder pattern . In previous session We can see sharp rally from exact support and stock moved toward the up side with fast momentum. Further it is important to see whether recovery will sustain.
