SBI Outlook for the Week (Dec 07,2020 – Dec 11,2020)


For the Week: (Dec 07,2020 – Dec 11,2020)

SBIN

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

State Bank Of India Share Price : 263.50 (NSE)

SBI closed the Weekly on positive note gaining 7.88%

Weekly High: 264.35

Weekly Low: 244.10

Weekly Range: 20.25 points

Weekly Support & Resistance For SBIN:

RESISTANCE 2 277
RESISTANCE 1 270
SUPPORT 1 250
SUPPORT 2 237

 

Technically on the daily charts EquityPandit’s Analyst see: Minor support on the downside lies at 250 levels, Minor resistance on the upside is capped around 270 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 @ 237 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 @ 277

Stock is trading above 200 days exponential moving average, suggests long term trend is bullish. EquityPandit’s Predicts Range for the Weekly as 277 on upside and 237 on downside.

The present structure shows that STATE BANK OF INDIA had taken break out from symmetrical triangle pattern on daily chart.
For the near term, the zone of 245-250 has now become a temporary support for the stock. In short, SBIN seems to be positive . One can buy SBIN on dips around 250 levels.