SBI share price: Money-making tip from stock market experts

SBI share price, after trading in the range of Rs 160 to Rs 190 in the last one month, has tried to break its resistance on last Thursday and hit Rs 199.10 per stock level. However, the PSU share couldn't sustain above Rs 190 levels and came back into the Rs 160 to Rs 190 range. But, today, SBI share price opened above 190 but again came back into its one month range. According to experts, SBI shares are trying to break the resistance but unable to go above Rs 200. They said that once the market moves further upward, SBI shares may also go northward at a faster rate as it has made its new range of Rs 179 to Rs 230 per stock levels.

Speaking on the SBI share price, Rohit Singre, Senior Technical Research Analyst at LKP Securities said, "Overall, SBI share price chart pattern is strong and it has been trying to break its resistance but due to the correction in the markets, it's unable to sustain above Rs 190 mark. However, it's for sure that the new range of SBI emerging out in the chart pattern suggests Rs 179 on the lower levels and Rs 220 to Rs 230 per stock levels on teh higher levels." He advised stock market investors to hold the counter and keep on accumulating till its above Rs 179.

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Highlighting the risk involved in banking stocks, Prakash Pandey, MD & CEO at Plutus Advisors said, "PSU stocks are good for investors but not for traders or short-term investors. For an investor, PSU Banks have always remained favorites and SBI being the largest Indian commercial bank heads the list of favorite PSU banking stocks." He said that the fundamentals of the stock are still intact. In fact, it emerged stronger during the COVID-19 pandemic and announced various majors to help its customers. Pandey said that SBI shares have strong support at Rs 175 and Rs 165 levels while it is facing mild resistance at Rs 195 to Rs 200 per stock levels. So, an investor must keep these numbers in mind while making any investment decision in the SBI stocks.