SBI Outlook for the Week (Nov 09,2020 – Nov 13,2020)


For the Week: (Nov 09,2020 – Nov 13,2020)

sbin

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

State Bank Of India Share Price : 219.20 (NSE)

SBI closed the Weekly on positive note gaining 15.8%

Weekly High: 221.85

Weekly Low: 190.05

Weekly Range: 31.80 points

Weekly Support & Resistance For SBIN:

RESISTANCE 2 242
RESISTANCE 1 230
SUPPORT 1 198
SUPPORT 2 180

Technically on the daily charts EquityPandit’s Analyst see: Minor support on the downside lies at 198 levels, Minor resistance on the upside is capped around 230 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 @ 180 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 @ 242

Stock is trading above 200 days exponential moving average, suggests long term trend is bullish. EquityPandit’s Predicts Range for the Weekly as 242 on upside and 180 on downside.

The present structure shows that STATE BANK OF INDIA share price are moving in 3rd impulse wave formation on daily chart. Stock price reached to 220 level which is 161.8% of Fibonacci retracement. SBIN share looks to be positive .This outlook is valid as long as 200 EMA line remains protected on downside.