SBI share price today: Top money tips for you after Yes Bank crisis breaks out

SBI Share price today: Investors have a lot of money riding on SBI and they are worried about what is going to happen to their shares after Yes Bank crisis broke out yesterday night. SBI share price has dropped today. So, what expert is saying is that they should continue to hold their shares. What should people who are willing to invest in State Bank of India's (SBI) shares do? They should take a wait and watch approach, technical analyst Nilesh Jain of Anand Rathi Securities recommends.

SBI share price was trading around Rs 269 on the BSE on Friday, witnessing a fall of around 6.5 pct from the Thursday's close at around 12:15 pm. This fall is being attributed to the speculations of the state-run bank buying Yes Bank shares. Nilesh Jain said that the news of SBI buying the Yes Bank shares at Rs 2 apiece is doing the rounds and it was the reason why the stock price has fallen by over 6 pct on Friday.

On 5 March, the bank in an exchange filing had said, "No such negotiations events took place. However, the matter in regard to Yes Bank was discussed at the meeting of the Central Board of the Bank on 05.03.2020 and an in-principle approval has been given by the board to explore investment opportunities in the Bank."    

Nilesh Jain said that the investors who are willing to invest in the SBI stocks should see how the situation unfolds for at least a week. He said that the developments till now indicate that things are still at the proposal stage.

He said that the investors may consider buying the SBI shares only if the levels come around Rs 245-250. At current levels of around 270, it is not advisable to trade for now. The technical analyst sees a pull back effect on the stock which could take it to Rs 280-290.

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Meanwhile, the Yes Bank shares were trading at Rs 15.50 on the Sensex, down by over 57 pct from the previous close.