SBI share price today: High Noon | Bullish move expected, buy at Rs 239

SBI Share price today: Nifty opened on a positive note; however, it was unable to sustain the momentum and has given up most of the gains. Currently, it is trading in the positive, up by 50 points. On the hourly charts, one can observe that after the sharp rally in the past fortnight, Nifty has been in a consolidation phase, trading broadly between 13000 – 12700. Sharekhan expects the consolidation to continue in the second half as well. In terms of levels 12720 – 12700 shall act as a support zone, while 12960 – 13000 shall act as a resistance zone for Nifty going ahead.

On the hourly chart, Nifty is trading above the 20-hour moving average (HMA) and the 40-HEMA, of 12863 and 12793, respectively. The hourly momentum indicator has a positive crossover. Market breadth is positive with 1079 advances and 729 declines on the National Stock Exchange (NSE).

SBI Share price:

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On a weekly chart, State Bank of India stock has given a Cup & Handle pattern breakout, which is a continuation formation and indicates bullish strength in the counter. Moreover, the stock has sustained above Upper Bollinger Band formation and 50 weeks Simple Moving Averages which support the bullish trend for near term. Additionally, a Volume activity has been rising gradually from the last couple of weeks, which adds more strength in the prices. A momentum indicator RSI (14) also showed positive formation on weekly charts. So based on the above technical structure, Sumeet Bagadia, Executive Director, Research at Choice Broking is expecting a bullish move in SBI for the near term. Sumeet says investors should buy SBI at Rs 239 with stop loss of Rs 231 with target of Rs 253.

The stock is currently trading over Rs 240.