SBI share price outlook: Are you planning to invest in State Bank of India (SBI) stock? If yes, then you must know what triggers are impacting the stock now? Technical Analyst Nilesh Jain of Anand Rathi Securities gives complete short term and positional term strategy to investors.
Stock to Buy – SBI: Technical Analysis
At 1:15 pm, the stock of SBI – India’s largest public sector bank was trading at Rs 285.30 up almost 0.5 per cent. Technical Analyst Nilesh Jain of Anand Rathi Securities remains bullish on the stock in the near to positional term. But he warns against the ongoing volatility, this stock is undergoing, almost a week before the Budget 2021 announcements on 1 February.
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Though he does not expect much from the budget with respect to PSU banks, he said that the volatility is pertaining to overall market situation.
SBI share had surpassed it its short term target of Rs 280, when it was last recommended by this technical analyst at Rs 241. He said that the outlook of SBI stock remains positive and the short term target for this is Rs 310. He said that this was a trading call. He puts the stop loss at Rs 265.
The SBI stock has a strong support around Rs 250. The positional target price of this stock is Rs 340. The view is 2-3 months, he added.
He said that if there is a rally in the PSU bank stocks, SBI stock will the biggest beneficiary.
The 52-week high for SBI stock is Rs 331.90 which it achieved on 14 February 2020. Meanwhile, the 52-week low was Rs 149.45, hit on 22 May 2020.
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