SBI share price outlook: The State Bank of India (SBI) stock is nearing its previous projected target price of Rs 340, given by Technical Analyst Nilesh Jain of Anand Rathi Securities. Where is it headed now and should investors invest in this stock? This is what the expert says! 

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Jain said that SBI is a stock to bet on from short term positional medium term and long term perspective. The SBI stock is looking very strong on the technical charts and it is heading towards its lifetime high of Rs 365 achieved in 2019. He said that he expected a big break out in this stock.  

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Jain said that there is a resistance for SBI stock at levels around Rs 365 and if this level is breached, there is a big upside open for it. If this level is crossed it will be a rectangle pattern breakout of 10 years, Jain further said.  

He said that a 10-year consolidation was previously seen in Reliance Industries stock, which traded in a range between 2009 and 2017. The moment it came out of that range, the prices have moved from Rs 600 to round Rs 2000.  

The short term target is 400, the positional medium-term target is Rs 450 while the long term target is Rs 500, he added.  

He said that investors may however have to wait till the breakout comes. But once it comes, there is only one way. There could be some in-between consolidation phases for medium to long term investors.

At 3:15 pm, the SBI stock was trading at Rs 335.50, up by almost 0.7 per cent from the previous close on Tuesday.  

The 52-week high of SBI share price is Rs 339.90 achieved on 3 Feb 2021 while the 52-week low is Rs 149.45 which was achieved on 22 May 2020.