SBI share price today jumps almost 4 pct; outlook positive, analyst says

SBI share price today: Good news for the State Bank of India (SBI) investors! While the SBI stock has been trading on the upside on Wednesday gaining almost 4 per cent in intraday trade at around 11:50 am, the gains are likely to get extended further, benefiting investors even more,  Technical Analyst Nilesh Jain said. 

It appears that the SBI stock has finally seen a breakout, Jain said. He said that the technical charts look “extremely positive” and there are strong chances that it would end the day above the RS 200 level. If the stock does not end above Rs 200 today, investors will have to wait for one more day to see which way the stock is headed, he added. 

Jain who is a Derivative and Technical Analyst at Anand Rathi Financial Services said that today’s moves look positive and they indicate that the SBI stock would settle above the Rs 200 mark –which he had previously dubbed as a strong resistance point.  

In his previous analysis, Jain had told Zee Business that there is a cluster resistance zone around Rs 200 which is holding the stock from breaking out. 

SBI share price was trading at 202.80 on the NSE around this time, up by almost 8 points or 4 per cent. 

On the immediate target price that the stock is likely to achieve, Jain said that his first one is Rs 215 and the next is Rs 220. 

While the stock has strengthened its position on the weekly charts, there appears no specific indicator for this uptick, today, he further said. 

SBI stock has traded in a big range over a 52 week period. While, it attained a high of Rs 351, the 52-week low of the stock is at Rs 149.55. 

See Zee Business Live TV Streaming Below:

Investors should know, Jain has been saying that this stock’s risk reward ratio is only in the long term.