SBIN Weekly Levels and report

Look at the Weekly Chart:

This will show you how SBIN’s price has moved each week.

Identify Support and Resistance:

Support is where the price usually doesn’t fall below (like a floor).

Resistance is where the price often doesn’t go higher than (like a ceiling).

Example: If SBIN’s price bounced off ₹590 a few times, that’s support. If the price keeps struggling around ₹640-650, that’s resistance.

Check for Fibonacci Levels (Optional):

You can use a tool that shows you Fibonacci retracement levels. It helps find where prices might bounce or reverse.

Key levels to watch for are 38.2%, 50%, and 61.8% retracements from a big move (up or down).

Draw Trendlines:

If SBIN has been moving up, draw a line connecting the lows to see where it might find support in the future.

If it’s in a downtrend, connect the highs to see where resistance might be.

Check the Moving Averages:

The 50-week and 200-week moving averages can show if the stock is generally moving up or down.

If SBIN is above the 50-week average, it might be in a bullish (up) trend.

If it’s below the 200-week average, it might be in a bearish (down) trend.

Look for Round Numbers:

Prices like ₹600, ₹650, ₹700 are often seen as psychological levels. Traders often watch these prices because they’re easy to remember.

Example:
If SBIN recently bounced off ₹590 or ₹600 multiple times, that’s support.

If it keeps facing resistance around ₹640 or ₹650, those are resistance levels.

Final Thoughts:
If SBIN’s price breaks above resistance (say ₹650), it might go higher.

If it falls below support (say ₹590), it might drop further.