SBI share price hits fresh 52-week high: Buy, Sell or Hold? Analysts suggest strategy

SBI Share Price NSE: Shares of State Bank of India (SBI) hit a fresh 52-week high today, December 14 at Rs 625.80 apiece on NSE. The PSU bank was the top gainer among the 12 share Bank Nifty index. Today is the 5th consecutive session when the Bank Nifty has hit an all-time high.

Year To Date (YTD), SBI has climbed more than 32 per cent. In the past 6 months, it has yielded 39 per cent return, resulting in wealth gain for its investors. The 52-week range of the stock is Rs 625.80 - Rs 425 apiece.

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According to Zee Business panellist, Kunal Sarogi, SBI has given a fresh breakout on the chart and it is poised for a strong rally as the structure on the chart looks solid. He said that SBI's contribution in lifting Bank Nifty to new highs is immense.

Kunal recommended buying SBI for a price target of Rs 636/Rs 645 apiece while placing a stop loss of Rs 619.

Another panellist Ambareesh Baliga said that there is action in the government bank stocks and that SBI can yield 10 to 12 per cent return in short term.

SBI is India’s largest lender. The bank reported a strong second-quarter earnings for the financial year 2022-23 (Q2FY23) as both profit and net interest income (NII) reported double-digit year-on-year growth, similarly, the asset quality of the bank improved during the quarter.

SBI’s profit grew almost 74 per cent YoY at Rs 13,264 crore in the July-September quarter for FY23 as compared to Rs 7,626 crore in the corresponding quarter of the earlier fiscal, while the net interest income up by nearly 13 per cent YoY at Rs 35,183 crore in Q2FY23 against Rs 31,183 crore in Q2FY22.

Wholesale price inflation declines to 21-month low of 5.85% in November