SBI share price today: Rs 37 dropped in 3 weeks; watch out for levels around 378
SBI share price today: 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 37 in the last three weeks. What are the current trends in the stock? Should the investors remain bullish on the SBI stock or not? Technical Analyst Nilesh Jain gives the clear picture for the SBI stock movement
SBI share price today: 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 37 in the last three weeks. What are the current trends in the stock? Should the investors remain bullish on the SBI stock or not? Technical Analyst Nilesh Jain, who is Assistant Vice President (AVP), Equity Research Technical and Derivatives at Centrum Broking gives the clear picture for the SBI stock movement.
Jain said that the current technical chart pattern suggests that SBI should bounce back from the current levels. This is positive for SBI stock.
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He said that the investors should not be too worried as this is a gradual decline. It can be seen as a healthy correction. He said that the SBI stock has seen a rally from levels around Rs 260 till 420. There was no health correction during its journey, Jain said.
He said that the short term targets in the SBI shares are Rs 400 and Rs 410.
SBI share price - The technical analyst is of the view that levels around Rs 378 is crucial and the investors should watch this level. If this level is breached downwards, the levels till Rs 360 will be open, he added.
Any price correction should be seen as a buy on dip opportunity, he further said. It should be held with a long term perspective.
As for trading, he said that traders should put a stop loss at Rs 378.
If the markets do not open well over the next two sessions, there is a great chance that the correction from current levels could come. If the markets do are stable, then the investors can expect a pull back to levels around Rs 400 and Rs 410.
The SBI stock is well positioned to attain its positional medium term target of Rs 450. He had earlier indicated that there could be a small correction and would require a slight change in the strategy.
Today, SBI stocks ended at Rs 390.10, down by 1.7 per cent on the NSE.
The 52-week low is Rs 149.45 which was achieved on 22 May 2020.
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