SBI share price today: How will the stock perform in April Series; Analyst Nilesh Jain recommends THIS strategy

SBI share price today: State Bank of India (SBI) shares have been trading positively for the last 5 trading sessions. In the process it has gained over Rs 15 or 4.3 per cent during this period. On Thursday, SBI ended the day at Rs 370.95 on the NSE. PSU banks lead by SBI are expected to do well during the April month, Technical Analyst Nilesh Jain, who is Assistant Vice President (AVP), Equity Research Technical and Derivatives at Centrum Broking says. Want to know how the stock will likely perform? Here is what this analyst says. 

On Thursday, Bank Nifty ended positively at 33,858, up by almost 1.7 per cent or 554 points. The biggest gainers on NSE were the PSU Banks including SBI, PNB, Bank of Baroda, Canara Bank and Bank of India. Jain said that most PSU banks are now looking good on the technical charts and are expected to do well. 

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The largest public sector banks SBI will be the top stock to bet on, he said. This heavyweight stock has a positive outlook in the near to medium term.  

Stock to Buy – SBI – The AVP has a positive outlook on the stock and recommends a Buy on it. The immediate target price is Rs 385, while the stop loss is Rs 340. SBI stock on Thursday ended at Rs 370.95, up by 1.8 per cent or 6.7 per cent. Markets were closed on Friday on account of Good Friday. 

Jain said that investors who have taken a long position on the SBI stock can continue to hold the stock. 

There is a further upside in the stock if the levels around Rs 380 is breached decisively, Jain had previously said. If SBI shares breach the Rs 380 levels, an upside will be open for levels between Rs 400 and Rs 420, he had said.   

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

SBI stock has shown two-way trade in recent times trading both ways and this has made investors jittery.   

From the highs of Rs 427.70 made by the State Bank of India (SBI) share on 18th February, 2021, it has corrected by almost Rs 67 in the last six weeks. Any price correction should be seen as a 'buy on dip opportunity', Jain said.