SBI share price today falls by a whopping 4.5 pct; Big loss! Expert tells reveals reason why

SBI share price today: The State Bank of India (SBI) share price today fell by almost 4.7 per cent or over Rs 17. The stock of SBI was trading at Rs 353.25 on the NSE at 3:10 pm. Technical Analyst Nilesh Jain, who is Assistant Vice President (AVP), Equity Research Technical and Derivatives at Centrum Broking said that the fall in SBI share price has been because of the broader market situation.  

Nifty today fell by almost 1.6 per cent or 237 points around this time. Meanwhile, Bank Nifty was down by over 3.4 per cent or 1169 points, trading at 32,688.70.  

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Jain said that the fall in SBI shares has been triggered by the overall market correction creating selling pressure across the board. SBI shares also fell because of this reason.  

The technical analyst is still bullish on SBI shares and said that this stock will recover once the overall market situation improves.  

He further said that the stock is still looking strong on the technical charts and all its targets remain same. He said that the SBI shares have strong support at levels around Rs 340.       

Jain said that one can expect a pull back till Rs 380 from the current levels. If SBI shares breach the Rs 380 levels, an upside will be open for levels between Rs 400 and Rs 420, he further said.   

Jain said that the stock is placed well on the charts and is poised to see an upward movement from here. 

The current correction is a buying opportunity for those who want to take a long position on this stock.  

For new investors, his strategy is to buy this stock at current levels. He puts the stop loss at Rs 340. Long term investors can hold onto this stock.   

 SBI stock has been seeing correction over the last 5 trading sessions, making investors jittery.   

The positional medium term view on this stock is also “good” Jain said. The trend for investors is positive he said.   

He said that the trend is positive, and this stock could see a bounce back till levels around Rs 380.      

From the highs of Rs 427.70 made by the State Bank of India (SBI) on 18 February 2021, the stock has corrected by almost Rs 70 in the last six weeks. Any price correction should be seen as a 'buy on dip opportunity', Jain said.    

SBI stock is well positioned to attain its positional medium term target of Rs 450.    

The 52-week low is Rs 149.45 which was achieved on 22 May 2020.