SBI Outlook for the Week (Oct 05,2020 – Oct 09,2020)


For the Week: (Oct 05,2020 – Oct 09,2020)

SBIN

BSE: 500112| NSE: SBIN| ISIN: INE062A01020| SECTOR: BANKS

State Bank Of India Share Price : 190.30 (NSE)

SBI closed the Weekly on positive note gaining 4.44%

Weekly High: 191.20

Weekly Low: 182.40

Weekly Range: 8.80 points

Weekly Support & Resistance For SBIN:

RESISTANCE 2 197
RESISTANCE 1 192
SUPPORT 1 184
SUPPORT 2 179

 

Technically on the daily charts EquityPandit’s Analyst see: Minor support on the downside lies at 184 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 @ 179 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 @ 197

Stock is trading below 200 days exponential moving average, suggests long term trend is bearish. EquityPandit’s Predicts Range for the Weekly as 197 on upside and 179 on downside.

The present structure shows that STATE BANK OF INDIA share price moving near trend line breakout . Stock comfortably closed above 2.36% of Fibonacci retracement level. Break above 191 levels which could take prices toward 197 levels or higher levels.