EquityPandit’s Outlook for SBI for the week  (Feb 05, 2018 – Feb 09, 2018) : 

STATE BANK OF INDIA:

SBIN closed the week on negative note losing around 5.10%.

As we have mentioned last week, that minor support for the stock lies in the zone of 306 to 308. Support for the stock lies in the zone of 299 to 301 where the stock has taken support in the month of December-2017. If the stock manages to close below these levels then the stock can drift to the levels of 290 to 292 where Fibonacci levels and medium and long term moving averages are lying. During the week the stock manages to hit a low of 295 and close the week around the levels of 297.

Support for the stock lies in the zone of 290 to 292 where Fibonacci levels and long term moving averages are lying. If the stock manages to close below these levels then the stock can drift to the levels of 280 to 285 where the stock has opened gap up.

Resistance for the stock lies in the zone of 305 to 310 from where the stock broke down after consolidation. If the stock manages to close above these levels then the stock can move to the levels of 320 to 325 from where the stock broke down after consolidation.

Broad range for the stock in the coming week can be 280 to 285 on lower side & 315 to 320 on upper side.