SBI Outlook for the Week (Oct 12,2020 – Oct 16,2020)


For the Week: (Oct 12,2020 – Oct 16,2020)

SBIN

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

State Bank Of India Share Price : 198.30 (NSE)

SBI closed the Weekly on positive note gaining 4.20%

Weekly High: 198.80

Weekly Low: 187.05

Weekly Range: 11.75 points

Weekly Support & Resistance For SBIN:

RESISTANCE 2 207
RESISTANCE 1 202
SUPPORT 1 190
SUPPORT 2 182

 

Technically on the daily charts EquityPandit’s Analyst see: Minor support on the downside lies at 190 levels, Minor resistance on the upside is capped around 202 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 @ 182 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 @ 207

Stock is trading below 200 days exponential moving average, suggests long term trend is bearish. EquityPandit’s Predicts Range for the Weekly as 207 on upside and 182 on downside.

The present structure shows that STATE BANK OF INDIA share price moving near trend line breakout . Stock comfortably closed above 3.82% of Fibonacci retracement level. A white body appeared on the candle. On the daily chart 100 EMA line is acting as resistance for stock. To continue with up move towards 204 level , break above 199 level required.